GDP (Gross domestic product)- The value produced within a country. The measure of a country's overall economic output. It's the market value of all goods and services produced by a nation in a certain period. It shows the strength of a countries local income.
National income (a.k.a Gross Domestic Income(GDI)) is the total earnings of all factors of production(factor payments) in a certain period. GNI (Gross National Income)- The total value produced by all citizens. Total value that is produced with in a country, which comprises of the GDP along with the income obtained from other countries.
Example GDP VS GNI
A firm in the US has an factory in Canada. The profits from the products will not be part of the US GDP since production was not in the US, However, it will count in the US GNI since the firm is owned by a US citizen even though it is located in another country
National Income- Measures the money value of the flow of output of goods and services that are produced with an economy. It measures how much output, spending and income has been generated in a certain time. Y=w+Interest+R+profit (Income approach) or Y= C+I+G+(X-IM) (Expenditure approach)
GNP (Gross National Product)- The combined value of all the final goods and services produced by a country. GNP= GDP+ Net factor income fro abroad. It can be measured at nominal GNP (current market price, prices at current year) or real GNP (constant prices, fixed price of a base year). Unlike GDP, GNP includes final goods and services produced by residents of a country regardless of their location
GDP (Gross domestic product)- The value produced within a country. The measure of a country's overall economic output. It's the market value of all goods and services produced by a nation in a certain period. It shows the strength of a countries local income.
National income (a.k.a Gross Domestic Income(GDI)) is the total earnings of all factors of production(factor payments) in a certain period.
GNI (Gross National Income)- The total value produced by all citizens. Total value that is produced with in a country, which comprises of the GDP along with the income obtained from other countries.
Example GDP VS GNI
A firm in the US has an factory in Canada. The profits from the products will not be part of the US GDP since production was not in the US, However, it will count in the US GNI since the firm is owned by a US citizen even though it is located in another country
"Difference Between GNI and GDP", DifferenceBetween. Net, Accessed April 2012, http://www.differencebetween.net/business/difference-between-gni-and-gdp/
National Income- Measures the money value of the flow of output of goods and services that are produced with an economy. It measures how much output, spending and income has been generated in a certain time. Y=w+Interest+R+profit (Income approach) or Y= C+I+G+(X-IM) (Expenditure approach)
"AS Macroeconomics/International Economy", Tutor2u, Accessed April 2012, http://tutor2u.net/economics/revision-notes/as-macro-national-income.html
GNP (Gross National Product)- The combined value of all the final goods and services produced by a country. GNP= GDP+ Net factor income fro abroad. It can be measured at nominal GNP (current market price, prices at current year) or real GNP (constant prices, fixed price of a base year). Unlike GDP, GNP includes final goods and services produced by residents of a country regardless of their location
"Gross National Product (GNP)", Economy Watch, October 14,2010, Accessed April 2012, http://www.economywatch.com/gdp/gnp-gross-national-product.html