GNP – Gross National Product: Total value of all goods and services produced by a
national economy within a given period (usually 1yr) regardless of where the
factors of production are located. (EX. Canadian store, produced in China: is counted
GDP-Gross Domestic Product
Real Growth Rate: the growth rate of GDP adjusted for inflation and changes in the
value of the country’s currency.
GDP per capita: GDP per person.
Real GDP: The GDP after adjustments.
Purchasing Power Parity: Principle that exchange rates are set so that prices of
similar products in different countries are about the same.
Is the measure of economic growth that compares how much a system produces
with the resources needed to produce it.
Balance of Trade: is the economic value of all the products that a country exports
minus the econom