a simplified model of the economy that shows the flow of money through the economy.
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Gross national product
The total money value of all final goods and services produced in an economy in one year, plus net property income from abroad (interest, rent, dividends and profit).
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Net national product
GNP [the total money value of all goods and services produced in an economy in one year, plus net property income from abroad (interest, rent, dividends and profit)] minus depreciation (capital consumption).
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Nominal GDP
the total money value of all final goods and services produced in an economy in one year, not adjusted for inflation.
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Real GDP
the total money value of all final goods and services produced in an economy in one year, adjusted for inflation.
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Per capita GDP
the total money value of all final goods and services produced in an economy in one year per head of the population.
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Other cards in this set
Card 2
Front
The total money value of all final goods and services produced in an economy in one year, plus net property income from abroad (interest, rent, dividends and profit).
Back
Gross national product
Card 3
Front
GNP [the total money value of all goods and services produced in an economy in one year, plus net property income from abroad (interest, rent, dividends and profit)] minus depreciation (capital consumption).
Back
Card 4
Front
the total money value of all final goods and services produced in an economy in one year, not adjusted for inflation.
Back
Card 5
Front
the total money value of all final goods and services produced in an economy in one year, adjusted for inflation.
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