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Question
Define national product.
Definition
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Solution
National product, in economics, refers to the total value of all final goods and services produced by a country's residents, including income earned from abroad, during a specific period. This measure is often referred to as Gross National Product (GNP) or Gross National Income (GNI). GNP is a key indicator of a nation's economic output and is used to assess its overall economic performance.
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