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ACFrOgAfn vKXHbLKdzhVZeaLAZ2lJvrxtCDJX WyU6O3q4Ez73a7euZKqPTM8EauyxsD9hUFh7T4sbDAoHn7VK6a5aeOGluWF0GNCx495NcUrcNd3PQWyjcacIMNqPTMnVP1ZdZz0CrYdUD9dfw
ACFrOgAfn vKXHbLKdzhVZeaLAZ2lJvrxtCDJX WyU6O3q4Ez73a7euZKqPTM8EauyxsD9hUFh7T4sbDAoHn7VK6a5aeOGluWF0GNCx495NcUrcNd3PQWyjcacIMNqPTMnVP1ZdZz0CrYdUD9dfw
Gross Domestic Product (GDP)– it is the total value of all goods and
services that a country produces per year.
Gross National Product (GNP) – It is the total value of all goods and
services produced in a country per year including its foreign earnings.
Gross Domestic Product (GDP) per capita – it is the total value of all goods
and services that a country produces per year divided by the total
population of country.
Currency – it is any form of money that is used in circulation throughout a
country. Currency is generally accepted as a method of payment as well as
a medium of exchange.
Refer to fig 4 on page 33 concerning the differences between MEDCs and LEDCs.
Definition of words