By Isabelle Evans
C15540577
Gross domestic product and gross national product are essential to have for any country. Not only do they aid us economically, it helps us plan national spending and shows us which areas need attention, for example which areas of government spending need to be adressed.
GDP stands for gross domestic product. Gross domestic product is a monetary measure of the value of all final goods and serviced produced in a peiod of time, for example quarterly or yearly. This is exclusive to a particular country.
GNP stands for gross national product. Gross national product is the same as gross domestic product with the addition of income earned by residents from overseas investments minus the income earned within the domestic economy by overseas resdients.
GDP and GNP both tell us the national …show more content…
Therefore, this is aded to the gross national product even though ts from abroad its benefiting irish nationals.
Another example of something that effects the GNP and the GDP is if a foreign company invests in Ireland it will still increase the GNP slightly as irish citizens are employed and being paid wages from the company. There are four factors that can determine the gross national product of a country. Firstly, the degree of technology determines it as countries with more advanced technology, for example countries in the Western world, would be able to produce more product and have a higher quality of life.
Secondly, the stock of factors of production also influence gross national product. This is the quality of factors that would effect production for example, how educated and skillful a workforce is will have an influence on how productive the economy will be. In Ireland we have a young skilled and educated workforce making us a good company for foreign investment as we can supply the skilled
C15540577
Gross domestic product and gross national product are essential to have for any country. Not only do they aid us economically, it helps us plan national spending and shows us which areas need attention, for example which areas of government spending need to be adressed.
GDP stands for gross domestic product. Gross domestic product is a monetary measure of the value of all final goods and serviced produced in a peiod of time, for example quarterly or yearly. This is exclusive to a particular country.
GNP stands for gross national product. Gross national product is the same as gross domestic product with the addition of income earned by residents from overseas investments minus the income earned within the domestic economy by overseas resdients.
GDP and GNP both tell us the national …show more content…
Therefore, this is aded to the gross national product even though ts from abroad its benefiting irish nationals.
Another example of something that effects the GNP and the GDP is if a foreign company invests in Ireland it will still increase the GNP slightly as irish citizens are employed and being paid wages from the company. There are four factors that can determine the gross national product of a country. Firstly, the degree of technology determines it as countries with more advanced technology, for example countries in the Western world, would be able to produce more product and have a higher quality of life.
Secondly, the stock of factors of production also influence gross national product. This is the quality of factors that would effect production for example, how educated and skillful a workforce is will have an influence on how productive the economy will be. In Ireland we have a young skilled and educated workforce making us a good company for foreign investment as we can supply the skilled