What is the difference between national economy and gross domestic product?
National economies are often discussed in terms of their gross national product, which is the estimated value of a country's production by its nationals within its geographic boundaries, and gross domestic product, which is the estimated worth of a country's production by its citizens. ADVERTISEMENT.
What is national economy?
A national economy refers to the economy of an entire country. The national economy includes financial resources and management. It encompasses the value of all goods and services manufactured within a nation. In the mid-18th century, economist Adam Smith defined the elements of a national economy based on the following key concepts: competition ...
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