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National Income Accounts:GNP Gross national product (GNP)is the value of all final goods and services produced by a nation's factors of production in a given time period. What are factors of production?Factors that are used to produce goods and services:workers (labor services), physical capital (like buildings and equipment),natural resources and others. The value of final goods and services produced by US- owned factors of production are counted as US GNP. 13-4 Copyright2012 Pearson Education.All rights reserved.Copyright © 2012 Pearson Education. All rights reserved. 13-4 National Income Accounts: GNP • Gross national product (GNP) is the value of all final goods and services produced by a nation’s factors of production in a given time period. – What are factors of production? Factors that are used to produce goods and services: workers (labor services), physical capital (like buildings and equipment), natural resources and others. – The value of final goods and services produced by US- owned factors of production are counted as US GNP
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