The measurements of economic output and their definitions are:
- Nominal GDP - the market value of all final goods and services produced by resources owned by citizens of a particular country in a given year.
- Real GDP - GDP adjusted to base year prices.
- GDP PPP - GDP adjusted for differences in the cost of living in different countries.
- GDP per capita - GDP divided by population.
- GNP - the market value of all final goods and services produced by resources located in a particular country in a given year.
What are some economic measures?
Nominal Gross Domestic Product (GDP) shows just how much goods were produced in a country in a year and when this is adjusted for price changes by using base year prices, this is the Real GDP.
When GDP is divided by the number of people in the country, it is GDP per capita and when adjusted for cost of living differences, it is GDP PPP.
GNP shows the production by the resources of a country including its labor that are in other countries.
Find out more on Gross National Product (GNP) at https://brainly.com/question/526578.
