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#cfa-level-1 #economics #economics-in-a-global-context #los #reading-20-international-trade-and-capital-flows
The difference between a country’s GDP and its GNP is that GDP includes, and GNP excludes, the production of goods and services by foreigners within that country, whereas GNP includes, and GDP excludes, the production of goods and services by its citizens outside of the country.
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2.1. Basic Terminology
value of all final goods and services produced by factors of production (such as labor and capital) supplied by residents of a country, regardless of whether such production takes place within the country or outside of the country. <span>The difference between a country’s GDP and its GNP is that GDP includes, and GNP excludes, the production of goods and services by foreigners within that country, whereas GNP includes, and GDP excludes, the production of goods and services by its citizens outside of the country. Countries that have large differences between GDP and GNP generally have a large number of citizens who work abroad (for example, Pakistan and Portugal), and/or pay more for


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