If you add up all the transactions in an economy, do you arrive at Gross Domestic Product, Gross National Product, or something else? Explain your answer.

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Team1682 Team1682

10-07-2022
Social Studies

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If you add up all the transactions in an economy, do you arrive at Gross Domestic Product, Gross National Product, or something else? Explain your answer.

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-07-11T17:55:13+02:00

If you add up all the transactions in an economy, you arrive at GNP because intermediate goods are included. GDP because intermediate goods are excluded. This is further explained below.

What is GDP?

Generally, The Gross Domestic Product (GDP) is a monetary measure of all final products and services produced in a nation over a certain time frame that is purchased by the ultimate consumer.

In conclusion, Because of the inclusion of intermediary items, GNP may be calculated by simply adding up all economic transactions. GDP as we don't count intermediary products.