Economics Gdp Questions
Gross Domestic Product (GDP) is a measure of the total value of goods and services produced within a country's borders in a specific time period, usually a year. It represents the economic output of a country.
Gross National Product (GNP) per capita, on the other hand, is a measure of the average economic output per person in a country. It takes into account the GDP of a country along with the income earned by its residents from abroad and subtracts the income earned by foreigners within the country.
In simpler terms, GDP per capita measures the average economic output per person within a country's borders, while GNP per capita measures the average economic output per person of a country's residents, regardless of where they are located.