Formulated by Simon Kuznets, FTP, what is this value, the total market value of the final goods and services produced by a nation's economy in a given time?
For simplicity's sake, economists often set this value equal to potential output under the flexible-price full-employment model. It is distinguished from a similar "net" calculation by failing to account for depreciation or consumption of capital. Intermediate goods do not contribute to this value in order to avoid overestimates, while reliability is achieved by ignoring household production. Formulated by Simon Kuznets, FTP, what is this value, the total market value of the final goods and services produced by a nation's economy in a given time?
For simplicity's sake, economists often set this value equal to potential output under the flexible-price full-employment model.
GNP or Gross National Product (accept Gross Domestic Product or GDP)