This document defines and explains key concepts related to measuring a nation's economic activity, including: - Gross Domestic Product (GDP) is the total market value of goods and services produced within a country in a year. GDP is calculated as consumption + government spending + investments + exports - imports. - Gross National Product (GNP) includes the income earned abroad by a country's citizens, but excludes income earned within the country by foreigners. - Net National Product (NNP) is GNP minus depreciation on capital. NNP is also called national income at market price. - There are three main methods to measure national income: output/production, income, and expenditure. Each