CHILD DEVELOPMENT PEDAGOGY

Detailed explanation-1: -For an industry, output is a measure of all the goods and services produced in a given time period by businesses in that industry and sold either to consumers or to businesses outside that industry. For example, output can be the number of tons of sugar or boxes of cookies produced in a year by a business or industry.

Detailed explanation-2: -GDP is composed of goods and services produced for sale in the market and also includes some nonmarket production, such as defense or education services provided by the government. An alternative concept, gross national product, or GNP, counts all the output of the residents of a country.

Detailed explanation-3: -In economics, potential output (also referred to as “natural gross domestic product") refers to the highest level of real gross domestic product (potential output) that can be sustained over the long term. Actual output happens in real life while potential output shows the level that could be achieved.

Detailed explanation-4: -The Gross National Product (GNP) is a nation’s total output of goods and services produced BY a country in one year. In obtaining the value of the GNP, only the final value of a product is counted (e.g. homes but not the construction materials they were built with).