Gross Domestic Product (Measuring Economic Activity)

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  • GDP is the total output of all economic activity in a country over a given period and a country’s GDP will include domestic output by foreign owned firms.
  • GDP has a mathematical relationship with the measures of gross national income (GNI) and net national income (NNI)
    • GNI = the sum of all incomes for residents of a country regardless of the location of the assets of these residents
    • NNI = GNI less depreciation of physical capital

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