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the total market value of all final goods and services produced within a country's national borders in a year |
Gross Domestic Product (GDP) |
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the total market value of all final goods and services that the country's citizens produced regardless of their location |
Gross National Product (GNP) |
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based on prevailing price in the market |
NOMINAL GNP |
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based on the price in a given base year (as determined by NEDA) |
REAL GNP |
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WHAT ARE THE 3 APPROCHES TO GDP MEASUREMENT |
FACTOR INCOME APPROACH/FINAL EXPENDITURE APPROACH/INDUSTRIAL ORIGIN APPROACH |
