TWO INDICATORS OF AGGREGATE OUTPUT

Gross National Product

The market value of all final goods & services produced by all nationals in the economy during a given period of time.
Expressed in Philippine peso

Gross National Product

owned by a country's citizens, whether or not those goods are produced in that country

Gross Domestic Product

The market value of all final goods & services produced within the boundaries of the Philippines.
Whether by Filipinos or foreign-supplied resources. Only measures current production, Excluded transfer payments.
Expressed in Philippine peso

Final Goods

Goods which are not purchased for the purpose of producing other goods or for resale to avoid double counting

Final Goods

Rice consumption and not for resale in a restaurant

Net Factor Income from the Rest of the World (NFIRW)

The difference between the earnings of Filipinos from activities overseas and the earnings of foreigners in the Philippines

positive

If earnings of Filipino abroad exceed those of the foreigners in the Philippines;
NFIRW becomes _______ making GNP>GDP

negative

NFRIV becomes _____ GDP>GNP