The National Income Accounts t Gross national product(GNP) The value of all final goods and services produced by a country's factors of production and sold on the market in a given time period It is the basic measure of a country's output5 The National Income Accounts ◼ Gross national product (GNP) – The value of all final goods and services produced by a country’s factors of production and sold on the market in a given time period – It is the basic measure of a country’s output