National Income Accounts: nP Gross national product (GNP)is the value of all final goods and services produced by a nations 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,natura resources and others The value of final goods and services produced by Us- owned factors of production are counted as US gNP. Copyright 2012 Pearson Education. All rights reserved 13-4Copyright © 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