GDP, GNP, NNP & CONCEPTS OF NATIONAL INCOME

Gross Domestic Product (GDP): Gross Domestic Product (GDP) is the total market value of all final goods and services currently produced within the domestic territory of a country in a year.

Four things must be noted regarding this definition.

First, it measures the market value of the annual output of goods and services currently produced. This implies that GDP is a monetary measure………..

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