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Gross domestic product (GDP) is a monetary measure of the market value [2] of all the final goods and services produced and rendered in a specific time period by a country [3] or countries. [ 4 ] [ 5 ] [ 6 ] GDP is often used to measure the economic health of a country or region. [ 3 ]
Although the net national product is a key identity in national accounting, its use in economics research is generally superseded by the use of the gross domestic or national product as a measure of national income, a preference which has been historically a contentious topic (see e.g. Boulding (1948) [3] and Burk (1948) [4]).
"Gross" means total product, regardless of the use to which it is subsequently put. "Net" means "Gross" minus the amount that must be used to offset depreciation – ie., wear-and-tear or obsolescence of the nation's fixed capital assets. "Net" gives an indication of how much product is actually available for consumption or new investment.
Gross income measures the profit generated from sales alone, using your total revenue minus the cost to of the goods you sold. Find out how net come is different.
Net national income encompasses the income of households, businesses, and the government. Net national income is defined as gross domestic product plus net receipts of wages , salaries and property income from abroad, minus the depreciation of fixed capital assets (dwellings, buildings, machinery, transport equipment and physical infrastructure ...
Similarly, net investment in physical capital such as machinery equals gross (total) investment minus the dollar amount of replacement investment that offsets depreciation of pre-existing machinery, thus giving the change in the amount of machinery available for use. Likewise, net national product equals gross national product minus depreciation.
The net domestic product (NDP) equals the gross domestic product (GDP) minus depreciation on a country's capital goods. [1] [2]= Net domestic product accounts for capital that has been consumed over the year in the form of housing, vehicle, or machinery deterioration.
Net national product (NNP) is National Income plus or minus the statistical discrepancy that accumulates when aggregating data from millions of individual reports. In this case, the statistical discrepancy is US$25.6 billion, or about 0.23% of the gross domestic product.