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• Gross National Product (GNP)


  Measures the market value of final goods and services produced within a country's borders and resources, by citizens and non-citizens alike
• Gross National Product (GNP)


  Measures the market value of all final goods and services produced by a nation's economic resources during a specified period
• GNP reflects the economic performance of a nation
• Gross domestic product (GDP)


  The monetary value of all finished goods and services made within a country during a specific period
• Gross domestic product (GDP)


  Provides an economic snapshot of a country, used to estimate the size of an economy and growth rate
• GDP can be calculated in three ways, using expenditures, production, or incomes
• An increasing GDP suggests an improving economy
• In most third world countries whose economy is dominated by foreigners, GDP is usually bigger, but this does not necessarily mean an improving economy
• Consumer Price Index (CPI)


  The instrument to measure inflation
• Consumer Price Index (CPI)


  Used to estimate the average variation between two given periods in the prices of products consumed by households
• Price index


  A device for combining movements of many individual prices for the purpose of estimating the average movement of some specified group of prices
• Price index


  Often used to deflate variables expressed in money terms to take out the effect of price changes
• Real GDP


  Tracks the total value of goods and services calculating the quantities but using constant prices that are adjusted for inflation
• Nominal GDP


  Does not account for inflation
• Per capita


  A Latin term that translates to "by head", meaning the average per person, often used in place of "per person" in statistical observances
• The phrase "per capita" can be used for almost any kind of population description but is common when discussing economic data