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 13-8 Copyright2012 Pearson Education.All rights reserved.Copyright © 2012 Pearson Education. All rights reserved. 13-8 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