1. GDP vs. GNP
a. compare gross domestic product and gross national product;
What is GNP?
GNP is the total market value of all final goods and services produced by the citizens of a country. It measures the output that is produced by the "nationals" of a country.
How is GDP different than GNP?
GNP = GDP + Income received by citizens for factors of production supplied abroad - Income paid to foreigners for the contribution to domestic output. In short, GNP measures the worldwide output of a nation's citizens while GDP measures the domestic output of the nation.