National Income Accounts(cont) Another approximate measure of national income is gross domestic product(GDP: Gross domestic product measures the final value of all goods and services that are produced within a country in a given time period. GDP= GNP- payments from foreign countries for factors of production payments to foreign countries for factors of production Copyright 2012 Pearson Education. All rights reserved 13-10Copyright © 2012 Pearson Education. All rights reserved. 13-10 National Income Accounts (cont.) • Another approximate measure of national income is gross domestic product (GDP): – Gross domestic product measures the final value of all goods and services that are produced within a country in a given time period. – GDP = GNP – payments from foreign countries for factors of production + payments to foreign countries for factors of production