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    GDP and GNP

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    If you add all of the transactions in an economy, do you arrive at GDP, GNP, or something else?

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    If you add all the transartions in an economy you will get GDP. It will include all the value added transactions within an economy.

    The GDP is Gross Domestic Product and GNP is Gross National Product. Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year. GDP counts income according to where it is earned rather than who owns the factors of production.

    Gross National ...

    Solution Summary

    The solution discusses the GDP and GNP.