Gross National Product
GNP Top 10 (2004) (currency exchange rate)
Country GNP ($ mill)
1 United States
10,945,792
2 Japan
4,389,791
3 Germany
2,084,631
4 United Kingdom
1,680,300
5 France
1,523,025
6 China
1,417,301
7 Italy
1,242,978
8 Canada
756,770
9 Spain
698,208
10 Mexico
637,159
Gross National Product (GNP) is the total value of final goods and services produced in a year by domestically owned factors of production.
Final goods are goods that are ultimately consumed rather than used in the production of another good. For example, a car sold to a consumer is a final good; the components such as tires sold to the car manufacturer are not; they are intermediate goods used to make the final good. The same tires, if sold to a consumer, would be a final good. Only final goods are included when measuring national income. If intermediate goods were included too, this would lead to double counting; for example, the value of the tires would be counted once when they are sold to the car manufacturer, and again when the car is sold to the consumer.
Only newly produced goods are counted. Transactions in existing goods, such as second-hand cars, are not included, as these do not involve the production of new goods.
Income is counted as part of GNP according to who owns the factors of production rather than where the production takes place. For example, in the case of a German-owned car factory operating in the US, the profits from the factory would be counted as part of German GNP rather than US GNP because the capital used in production (the factory, machinery, etc.) is German owned. The wages of the American workers would be part of US GNP, while the wages of any German workers on the site would be part of German GNP.
Gross Domestic Product
GDP Top 10 (2004) (currency exchange rate)
Country GDP ($ mill)
1 United States 10,435,284
2 China 5,409,852
3 Japan 4,326,444
4 Germany 2,400,655
5 United Kingdom 1,794,858
6 France 1,747,973
7 Italy 1,465,895
8 Canada 958,390
9 Spain 836,100
10 Mexico 626,888
Gross Domestic Product (GDP) is the total value of final goods and services produced within a country's borders in a year.
GDP counts income according to where it is earned rather than who owns the factors of production. In the above example, all of the income from the car factory would be counted as US GDP rather than German GDP.
To convert from GNP to GDP you must subtract factor income receipts from foreigners that correspond to goods and services produced abroad using factor inputs supplied by domestic sources. To convert from GDP to GNP you must add factor input payments to foreigners that correspond to goods and services produced in the domestic country using the factor inputs supplied by foreigners.
Understanding Gross Domestic product is central for understanding the business cycle and the progression of long-run economic growth (Hubbard & O’Brien, 2011, p. 631). The GDP is defined as the value-added of all goods and services produced in a given period of time within the United States (2008). The GDP is widely used as an gauge economic wellness and health of the country. What the GDP represents has a hefty impact on nearly everyone within our economy. As an example, when the economy is healthy, you will usually see wage increases and low unemployment as businesses demand labor to meet the increasing economy. The government has two types of economic policies used to control and maintain a healthy economy, fiscal policy and monetary policy. When economic growth is healthy it will have a positive on both individuals and businesses.
Nominal gross domestic product refers to the value of GDP before accounting for the changes effected by inflation and deflation (Coyle 32). It shows the level of growth or shrinking of a country’s economy but does not put into consideration the consumer buying power. The value can be misleading to a nation because it does not reflect the real growth value of the economy.
gross domestic product – the total value of services and goods that were produced within the nation’s borders by the people in a course of one year, which excludes the income earned from abroad
Gross Domestic Product, measures the amount of goods/services produced within a border and translates it into monetary value. Each country has its own currency unit, so economists derived two methodologies in order to compare different GDPs. The first one is P.P.P. or Purchasing Power Parity; it compares GDP based on the national income in domestic market. Most goods in China are relatively cheap, so P.P.P boosts up China’s GDP. However, many experts are wary of this method; P.P.P estimates can be imprecise and misleading when comparing a developed country to a developing country (Forsythe). Consumer goods in a poor country tend to be cheap since its people don’t make a lot of money; if the goods are expensive, then the majority of the average Joe won’t be able to survive. The second, and more credible, method is the rate exchange method, which utilises the international market value. With this latter measure, “the United States’ economy remain nearly twice as big as China’s (Levi). Even if the rate exchange does show China’s GDP higher than the US’s, that alone does not prove that China is the better
Gross Domestic Product (GDP) is an Economic Barometer which has being widely used around global to determine whether the country’s economy is under recession or expanding. It is a great tool for the government in aiding on making critical economy decision whether to input more money or remain in constant.
Every person who drinks and drives threaten every driver on the road. Every day in the United States, at least 27 people die as result of drivers being impaired (www.madd.org). If there were laws in effect for first time or repeat offenders, it would decrease the amount of DUI related accidents. The University of British Columbia conducted a study, indicating how harsher
In today’s world a DUIs can be classified as being under the influence on many different substances. The main and most deadly substance is actually the most legal. With more and more people dying every day this nation needs to open its eyes on the dangers of drunken driving and begin taking major steps to help prevent this awful trend come to a stop. Drunk driving is when a person consumes alcohol and tries to operate their vehicle while ossified. Today the legal limit is 0.08, but many people believed that it should be lowered or unacceptable to consume any alcohol while operating motor vehicles. Studies from the National Highway Traffic Safety Administration shows that 40% of traffic deaths in United States were a result of DUIs. Many suggestions were made to avoid the change of the legal BAC level such as decreasing the amount of underage drinkers, writing more laws to keep heavy drinkers off the road, or adding...
Okonkwo, is a man who never shows weakened. He resents his fathers failure and weakness, and he sill remembers how he suffered when he was told his father was a agbala. Which basically means woman, or a man who had taken no title. Ever since then he fears being like his father which led him to be cold hearted in a way. He expected and wanted his wives and his children
Okonkwo is not all that he may seem; as there is more than what meets the eye. Okonkwo is the primary protagonist within the book Things Fall Apart by Chinua Achebe. Okonkwo is a cruel yet kind man who has everything yet has nothing, which in turn creates a sympathetic character. A character such as Okonkwo has many facets; or masks if you will. Then we have his many influences: the Ibo culture; his father Unoka and of course his own personality. Then there is a staggering list of achievements. Okonkwo is a strong character but thinks only inwardly - especially towards his father - which will be discussed further in this essay.
Punishment should be implemented, when drunk driving occurs. “About two out of every five Americans [are] involved with alcohol related crash in some time in there lives, some will be innocent victims”(karen balkin). Drunk driving is everywhere, and there should be a way to stop having repeat offenders. “ License suspended, a motorist who causes the death of another person while driving under the influence of alcohol face felony charges”( “Fatal Accident Caused by
How much longer will we be forced to endure the pain and atrocities due to the carelessness of drunk driving? Drunk driving has been a problem in the United States since the introduction of automobiles; however, it did not become an important social issue until the 1980’s. At that time the political atmosphere defined crime in terms of personal choice and individual responsibility. Drunk driving was defined as a problem located within individuals. Drunk driving is illegal in every state. It is not only illegal, but unsafe to operate an automobile if you are under the influence of alcohol.
When things fall apart they fall in pairs; Okonkwo and Unoka, Nwoye and Okonkwo. They are father and son yet they(sons) wanted to be nothing like each other. Both Nwoye and Okonkwo break their ties with their father believing their father ideology to be wrong and flawed. Both came to resent each other, as the sons refused to follow their father’s ways of life. As Okonkwo refused to become his father and Nwoye didn’t believe in his father’s belief.
GDP is a measure of variables, such as aggregate income, aggregate spending on final goods, aggregate output, and aggregate value added. In other words, total income equals total value of production of goods and services, which equals total expenditures on final goods and services, which also equals total value added.
GDP measures the total value of all goods and services produced within that territory during a specified period. GDP is used to measure a country’s wealth. Basic’s of life, food, etc. shelter and clothing is not likely available to most people in poorer countries. The.
GDP measures the value of economic activity within a country. More precisely, GDP is the sum of the prices of all final goods and services produced in the country during a period of time, normally a year. It measures the legal activities carried out by firms/ individuals and places a monetary value on their work. GDP which was originally GNP- Gross National Product, was used by the creator Simon Kuznets as well was John Maynard Keynes as a tool to help with decisions policy making and planning for war. GDP= C+I+G+(X-M). This formula has now...