national product

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The total value of income produced by factors of production owned by residents of a country. This includes income from factors owned by residents but operating abroad, and excludes the value of factors operating domestically but owned by non-residents. This is contrasted with domestic product, which is the value of incomes produced domestically, regardless of ownership. Gross national product (GNP) is calculated before deducting an estimate of capital consumption; net national product is GNP minus capital consumption.

Subjects: Economics.

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