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5 Cards in this Set
- Front
- Back
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Gross national product (GNP) is
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is the value of all final goods and services produced by a nation’s factors of production in a given time period, regardless of where production takes place.
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GNP should be adjusted with what?
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Income taxes and depreciation
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GDP measures?
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the final value of all goods and services that are produced within a country in a given time period.
GDP = GNP – factor payments from foreign countries + factor payments to foreign countries |
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Credit Transactions
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Transactions that involve the receipt of payments from foreigners. These include the export of goods and services, unilateral transfers from foreigners, and capital inflows.
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Debit Transactions
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Transactions that involve payments to foreigners. These include the import of goods and services, unilateral transfers to foreigners, and capital outflows.
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