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Basic Economic Terms list with explanation. Alphabets - G

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What is Goal?
The purpose that an organization strives to achieve. Organizations often have more than one goal.

What is Goods?
A Tangible Product, which is possible of getting delivered to the Buyer/Purchaser from the Seller with an transfer of ownership from the seller to the purchaser.

What is Gross domestic product (GDP)?
The total goods and services produced by a Country over a period given, usually 1 year.
Gross Domestic Product measures the total output from all the resources located in a country, wherever the owners of the resources live.

What is Gross national product (GNP)?
GNP is the value of all final goods and services produced within a nation in a given year, plus income earned by its citizens abroad, minus income earned by foreigners from domestic production.

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