gnp

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Word: GNP (Gross National Product)

Part of Speech: Noun

Definition: GNP stands for Gross National Product. It is a measure of a country's economy. Specifically, GNP calculates the total market value of all the goods and services produced by the citizens of a country (including those living abroad) and by the country's capital (like factories and machinery) during a specific time period, usually one year.

Usage Instructions: You can use "GNP" when discussing economic performance or comparing the economic health of different countries. It is often used in economic reports and discussions.

Example Sentence: "The GNP of Country X increased by 5% this year, indicating a growing economy."

Advanced Usage:

• GNP is sometimes used in economic studies to compare the economic productivity of different countries.
• Economists may also look at GNP per capita, which divides the GNP by the population, to understand how much economic output each person would receive if the GNP were shared equally.

Word Variants:

• GNP per capita: This is the GNP divided by the population, showing the average economic output per person.
• Net National Product (NNP): This is GNP minus depreciation (the loss of value of capital goods over time).

Different Meanings:

• GNP is primarily an economic term, but in some contexts, it may refer to the overall wealth and resources of a nation, not just in monetary terms.

Synonyms:

• National income
• Gross National Income (GNI) – While similar, GNI focuses more on income received by residents and businesses in a country, regardless of where that income is generated.

Idioms and Phrasal Verbs:

• Although there are no direct idioms or phrasal verbs specifically for GNP, you might hear phrases like "the economy is booming," which means that the GNP is likely increasing.

Summary:

GNP is an important economic term that helps us understand the economic activity of a country. It shows how much value is created by a nation’s citizens and capital over a specific time frame, usually one year.

Academic

Noun

1. former measure of the United States economy; the total market value of goods and services produced by all citizens and capital during a given period (usually 1 yr)

Synonyms

• gross national product
• GNP