GROSS NATIONAL PRODUCT Definition

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GROSS NATIONAL PRODUCT (GNP) is the total dollar value of all final goods and services produced for consumption in society during a particular time period. The GNP does include allowances for depreciation and indirect business taxes such as those on sales and property. Gross national product is the output of labor and property of US nationals regardless of the location of the labor and property. Gross National Product includes income earned by the factors of production (assets and labor) owned by a countrys residents but excludes income produced within the countrys borders by factors of production owned by nonresidents.

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STATED CAPITAL is the declared total amount of money or other resources owned or used to acquire future income or benefits.

BARRIERS TO ENTRY are obstacles to the entry of new firms into a market. Barriers to entry may take various forms. They may be technical barriers, legal barriers or barriers that arise from strong branding of the product.

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