Gross national product (GNP) and the total of income

Definition of Gross National Product (GNP) 3
The circular flow of GNP 4
Refining the concept of Gross National Product 6
Elements that are not included in GNP 6
Some Key Components of GNP 7
Gross National Product (GNP): the total (final) output – the total value of all (final) goods and services 8
CONCLUSION 10
LITERATURE 11
INTRODUCTION:
Twenty years ago, economists generally agreed on the policies the government should follow to reach acceptable levels of national production, employment, and inflation. But years of high inflation and unemployment, both here and abroad, have shown how difficult it is for government, constrained by political reality, to achieve its stated policy objectives. In fact, many economists now suspect that government policy has increased unemployment and inflation – that the nation would have been better off without the government’s attempts to alter overall economic performance. Others argue that to reduce unemployment and inflation, government must exercise even more powerful and direct control over the economy. To appreciate the magnitude and the complexity of our macroeconomic problems, we must consider the problem of how to measure macroeconomic activity. These measurements are important for government policy decisions. Among the many ways of measuring macroeconomic activity, one of the most important is a measure of overall national production.
Measuring the total production of goods and services, allows to evaluate a nation’s economic progress over a period of years and to monitor the impact of government policy on production and incomes. It enables to test how macroeconomy works against real-world data and allows government officials to develop policies that will increase the nation’s production.
Definition of Gross National Product (GNP)
There are many ways of measuring the nation’s general level of economic activity, but the one is used most often in developing government policy - it is the gross national product (GNP). Gross national product is the dollar...

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