Answer:
GDP and GNP are both measures of a country's economic activity, but they differ in what they measure and how they measure it.
GDP stands for Gross Domestic Product, which is the total value of all goods and services produced within a country's borders in a specific time period, usually a year. It is calculated by adding up the value of all final goods and services produced by households, businesses, and the government, excluding income earned by foreigners and any income earned by domestic residents from abroad.
GNP stands for Gross National Product, which is the total value of all goods and services produced by a country's residents, regardless of their location, in a specific time period, usually a year. GNP includes the income earned by domestic residents from abroad and excludes income earned by foreigners within the country's borders.
Step-by-step explanation:
2023