When did countries first start to measure GDP?
Which country was the first to measure GDP?
What is the history of this term?
How does GDP differ from GNP?
2007-02-01 16:18:17 · 7 answers · asked by Mark J 1 in Social Science ➔ Economics
Gross Domestic Product. It is an accounting calculation of the size of a country's economy defined as the final (end product not what goes into it) value of all goods and services produced inside the geographical boundaries of a given country within a given period of time. It is usually calculated as Y (income) = C (consumption) + I (investment) + G (government expenditure) +NX (net exports).
GDP has only been in general use since the 1980s before which it was referred to as GNP (Gross National Product) being different from GDP in that it includes products made by nationals in other countries (Toyota in the US for example included in Japan's GNP).
Both systems derive from the concept of national accounting dating back to the 1940s. GDP was first popularised by the US, but the term GNP was used in Britain initially, where the concept of national accounting originated. The systematic construction of annual national accounts by government was uncommon before the 1950s.
2007-02-01 20:10:08 · answer #1 · answered by Dunkie 2 · 0⤊ 0⤋
GDP - Gross Domestic Product, sum of final goods and services produced in one country from foreign owned and domestic owned companies.
GNP- Gross National Product, sum of all final goods and services which are produced by domestically owned national firms in home and foreign countries.
GDP figures and GNP figures are used to calculate per capita figures which are more suitable to compare wealth. You can get GDP per capita growth rate figures from the 1500s but they are not as accurate as more modern figures. The figures from the 1500s are averages for periods rather than known values for each year.
2007-02-01 20:22:13 · answer #2 · answered by londondogs123 3 · 0⤊ 0⤋
GDP is the value of all final goods and services produced in the domestic territory of a country during an accounting year.
GNP is the value of all final goods and services produced by normal residents of a country in an accounting year.
2007-02-01 21:48:38 · answer #3 · answered by Titan 4 · 0⤊ 0⤋
GDP = General Domestic Product.
It is a measure of how much product a country is producing in a given year.
2007-02-01 16:25:51 · answer #4 · answered by winninchampp 1 · 0⤊ 2⤋
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2016-12-17 07:37:44 · answer #5 · answered by ? 3 · 0⤊ 0⤋
Look on wikipedia it explains it all:
http://en.wikipedia.org/wiki/Gdp
2007-02-01 16:22:47 · answer #6 · answered by valbee 3 · 0⤊ 1⤋
What they said!
2007-02-01 16:33:59 · answer #7 · answered by patty 2 · 0⤊ 2⤋