What is GDP (in simple words)?
Answer:
GDP (Gross Domestic Product) is the total of goods and services produced by a country in a period of time. GNP is not the total money earned by a country. GNP (Gross National Product) is the total of goods and services produced by the nationals of a country even if they are living in another country.
Gross Domestic Production,the money earned by a state in a year
Gross Domestic Product. It's the value of all the products produced locally in a particular country.
Gross Domestic Product.
However the 1st answer is incorrect. It is not the money earned by a country but it is the value of goods produced by a country.
The money earned by a country is GNP: Gross National Product.
The difference between GDP and GNP is the following:
GDP includes the value of goods produced in a country by firms that are not owned by that country. It does not include the money earned by citizens abroad; such as pensions from abroad, interest on shares in foreign companies.
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