BANKING AFFAIRS

Detailed explanation-1: -Gross domestic product (GDP) is the value of the finished domestic goods and services produced within a nation’s borders. On the other hand, gross national product (GNP) is the value of all finished goods and services owned by a country’s citizens, whether or not those goods are produced in that country.

Detailed explanation-2: -GDP is the total money value of all final goods and services produced in a country in a year.

Detailed explanation-3: -The market value of goods and services produced by labor and property supplied by U.S. residents, regardless of where they are located. It was used as the primary measure of U.S. production prior to 1991, when it was replaced by gross domestic product (GDP).

Detailed explanation-4: -Gross national product is one metric for measuring a nation’s economic output. Gross national product is the value of all products and services produced by the citizens of a country both domestically, and internationally minus income earned by foreign residents.

Detailed explanation-5: -Nominal GDP is the Gross Domestic Product without any effect of inflation. Real GDP is the inflation-adjusted GDP of a country. The Nominal GDP of a country is expressed in terms of current year prices of goods and services.