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Gross National Product
GROSS NATIONAL PRODUCTThere are many ways to measure the economic health of society. The best available indicator of the economy's overall health is its annual total output of goods and services. To calculate the output of goods and services, economists use two closely related basic national income accounting measures of the full goods and services output. One is the gross national product (GNP), and the other is called the gross domestic product (GDP). Both of these measure the total market value of all goods and services produced in the economy in one year. The difference between the GNP and the GDP is in how the economy is defined. The GNP consists of the total output produced by land, labor, capital, and business talent supplied by U.S. industries. Since 1992 the GDP has generally replaced the GNP and comprises the value of the total goods and services produced within the boundaries of the United States, whether by U.S. or foreign-supplied resources. Measuring the overall production performance of the economy as a whole does what accounting does for an individual business enterprise: it tells the government executive how well the business of the country is performing. Whether one uses the GNP or the GDP, such measuring provides national income accounting, so as to keep a finger on the economic pulse of the nation, compare annual figures over time, and help plan for future budgeting and the creation of new public policies to improve economic performance. See also: Gross Domestic Product |
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"Gross National Product." Gale Encyclopedia of U.S. Economic History. 1999. Encyclopedia.com. 28 May. 2012 <http://www.encyclopedia.com>. "Gross National Product." Gale Encyclopedia of U.S. Economic History. 1999. Encyclopedia.com. (May 28, 2012). http://www.encyclopedia.com/doc/1G2-3406400392.html "Gross National Product." Gale Encyclopedia of U.S. Economic History. 1999. Retrieved May 28, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1G2-3406400392.html |
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gross national product
gross national product (GNP), in economics, a quantitative measure of a nation's total economic activity, generally assessed yearly or quarterly. The GNP equals the gross domestic product plus income earned by domestic residents through foreign investments minus the income earned by foreign investors in the domestic market. Gross domestic product, often confused with GNP, is calculated from the total value of goods and services produced in an economy over a specified period. Since World War II, GNP has been generally regarded as the most important indicator of the status of an economy. In the United States, the economy is considered to be in recession if there are two consecutive quarters of decrease in GNP. Despite the fact that GNP does not allow for inflation, overall value of production, and other factors, it is nevertheless a significant measurement of economic health. In 1995 the International Bank for Reconstruction and Development (World Bank) created a new system for measuring national wealth, based on the value of natural and mineral resources.
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"gross national product." The Columbia Encyclopedia, 6th ed.. 2011. Encyclopedia.com. 28 May. 2012 <http://www.encyclopedia.com>. "gross national product." The Columbia Encyclopedia, 6th ed.. 2011. Encyclopedia.com. (May 28, 2012). http://www.encyclopedia.com/doc/1E1-grossnat.html "gross national product." The Columbia Encyclopedia, 6th ed.. 2011. Retrieved May 28, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1E1-grossnat.html |
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Gross National Product
Gross National Product (GNP) An unduplicated measure of the total flow of output in any economy during a specified time-period. Unduplicated means that the measure excludes intermediate goods and services that are used as inputs in the production of further goods and services—such as the use of flour to make bread for sale. The aim is to measure final products—the consumer goods and services which constitute the ultimate aim of all productive work. It is accepted by economists that GNP excludes large amounts of consumption work and other types of work. See also INFORMAL ECONOMY.
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GORDON MARSHALL. "Gross National Product." A Dictionary of Sociology. 1998. Encyclopedia.com. 28 May. 2012 <http://www.encyclopedia.com>. GORDON MARSHALL. "Gross National Product." A Dictionary of Sociology. 1998. Encyclopedia.com. (May 28, 2012). http://www.encyclopedia.com/doc/1O88-GrossNationalProduct.html GORDON MARSHALL. "Gross National Product." A Dictionary of Sociology. 1998. Retrieved May 28, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O88-GrossNationalProduct.html |
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gross national product
gross national product (GNP) Total market value of all goods and services produced by a country annually, plus net income from abroad. GNP is a universal indicator of economic performance, and provides an assessment of different economic sectors. GNP is the sum of four types of spending: private consumption (goods and services bought by the community), government expenditure, balance of trade, and business investment. See also gross domestic product (GDP)
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"gross national product." World Encyclopedia. 2005. Encyclopedia.com. 28 May. 2012 <http://www.encyclopedia.com>. "gross national product." World Encyclopedia. 2005. Encyclopedia.com. (May 28, 2012). http://www.encyclopedia.com/doc/1O142-grossnationalproduct.html "gross national product." World Encyclopedia. 2005. Retrieved May 28, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O142-grossnationalproduct.html |
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gross national product
gross na·tion·al prod·uct (abbr.: GNP) • n. the total value of goods produced and services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investments. |
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Cite this article
"gross national product." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. 28 May. 2012 <http://www.encyclopedia.com>. "gross national product." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. (May 28, 2012). http://www.encyclopedia.com/doc/1O999-grossnationalproduct.html "gross national product." The Oxford Pocket Dictionary of Current English. 2009. Retrieved May 28, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O999-grossnationalproduct.html |
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