Differentiate Between GDP and GNP

question 18

Essay

Differentiate between GDP and GNP.Briefly discuss the drawbacks of using GDP and GNP as indicators of economic development.

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Definitions:

High Quality

A characteristic of products or services that meet or exceed customer expectations or industry standards.

Low Cost

A strategy or pricing model that focuses on maintaining expenses as minimal as possible while still achieving the desired level of quality or service.

Instant Availability

The immediate accessibility of resources or services, often used in context with banking and funding.

Process Cost Accounting

An accounting methodology used for homogenous products that accumulates costs for each process or department and assigns them to units of output.