Gross Domestic Product (GDP):
		The total value of all goods and services produced within a country in a year, minus the net income from investments in other countries. Encarta® World English Dictionary (North American Edition) © & (P) 2001 Microsoft Corporation. All rights reserved.
		GDP is frequently confounded with a related (but different) concept, gross national product, or GNP. Here is the definition of GNP. After you read both definitions, can you articulate the difference between them?
	Gross National Product (GNP):
		A term used to describe in monetary value the total annual flow of goods and services in the economy of a nation. The GNP is normally measured by totaling all personal spending, all government spending, and all investment spending by a nation's industry both domestically and all over the world. GNP can also be figured by the earnings and cost approach of accounting, in which are added together all forms of wages and income, such as corporate profits, net interest returns, rent, indirect business taxes, and unincorporated income. Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.