• 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 USowned
factors of production are counted as US GNP.