Gross Domestic Product and Economic Growth Power Point Notes
Gross Domestic Product and Economic Growth Power Point Notes
Gross Domestic Product and Economic Growth Power Point Notes
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Important Measures of <strong>Economic</strong> <strong>Growth</strong><br />
<strong>Gross</strong> <strong>Domestic</strong><br />
<strong>Product</strong><br />
<strong>Gross</strong> National<br />
<strong>Product</strong><br />
Net National<br />
<strong>Product</strong><br />
National Income<br />
Definition<br />
Dollar value of all<br />
final goods <strong>and</strong><br />
services produced<br />
within a country’s<br />
borders in a year<br />
Annual income<br />
earned by U.S.<br />
owned firms <strong>and</strong><br />
U.S. citizens<br />
GNP with the cost<br />
of replacing the<br />
physical capital<br />
How much pretax<br />
income businesses<br />
actually pay to<br />
U.S. household<br />
Does Not Include<br />
<strong>Product</strong>s made in<br />
another country<br />
by American<br />
manufacturer<br />
Depreciation<br />
Taxes<br />
How Compiled<br />
Expenditure <strong>and</strong><br />
Income Approach<br />
Variations:<br />
Nominal <strong>and</strong> Real<br />
GDP plus income<br />
earned outside<br />
U.S. by U.S.<br />
firms <strong>and</strong> citizens<br />
minus income<br />
earned by foreign<br />
firms <strong>and</strong> foreign<br />
citizens located in<br />
the U.S.<br />
GNP minus cost of<br />
depreciation<br />
MNP minus taxes
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