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CBSE Class 12-commerce Macroeconomics Macroeconomic Aggregates

What are macro economy aggregates? Learn from the CBSE Class 12 Commerce Economics chapter National Income Accounting by referring to our revision notes, sample papers, past year papers etc. at TopperLearning.

Gross Domestic Product measures the aggregate production of final goods and services taking place within the domestic economy during a year. But the whole of it may not accrue to the citizens of the country. The macroeconomic variable which takes into account such additions and subtractions is known as Gross National Product (GNP). It is, therefore, defined as follows GNP ≡ GDP + Factor income earned by the domestic factors of production employed in the rest of the world – Factor income earned by the factors of production of the rest of the world employed in the domestic economy Hence, GNP ≡ GDP + Net factor income from abroad.