The statement "this includes production by people outside of a country's borders" is true of only gross national product.
What is gross national product?
- The value of finished domestic goods and services produced within a country's borders is known as the gross domestic product (GDP).
- Gross national product (GNP), the total market value of a country's final goods and services produced over a specific time period (usually a year), calculated before depreciation or consumption of capital used in the manufacturing process.
- GNP is commonly calculated by adding personal consumption expenditures, private domestic investment, government spending, net exports, and any income earned by residents from overseas investments, and then subtracting income earned by foreign residents.
- Consider a country where the gross national product exceeds the gross domestic product. This means that its citizens, businesses, and corporations are bringing in money through their overseas operations. As a result, a higher GNP may indicate that a country is expanding its international financial operations, trade, or production.
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