Gross National Income (GNI)
The total income earned by an economy's residents over a specific time period, equal to the market value of all final goods and services produced by the factors of production supplied by the economy's residents, regardless of the location of the factors of production.
In turn, the GNI:
The calculations of the GDP and GNI of the same open economy, during the same period of time provide different values for the national output. This is because:
Understanding the differences noted above, the GNI can also be defined as:
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