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3 Cards in this Set
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- Back
- 3rd side (hint)
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Gross Domestic Product
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GDP is at market prices (includes indirect taxes eg. VAT, inflating the value of national income)
GDP includes imports and exports |
GDP is the key measure used in the UK
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Gross National Product
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GDP is income from UK based factors of production whilst GNP is income from UK owned factors of production
So... GNP = GDP + net property income from abroad |
how does GNP differ from GDP?
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National Income
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is a measure of the output, expenditure and income of an economy
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transfer payments are not included in national income statistics
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