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gnp
has definitions from the field of economics
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[ noun ] (economics) former measure of the US economy; the total market value of goods and services produced by all citizens and capital during a given period (usually 1 yr)
Synonyms Used in print (Allan J. Braff and Roger F. Miller, "Wage-Price...)In any given time_period , the aggregate demand for the industry 's product is determined by two things : the price charged by the industry , and the level of GNP . For the purposes of this discussion , the problem of relative prices is encompassed in these two variables , since GNP includes other prices . The form of the industry demand function is one which makes quantity demanded vary inversely with the product price , and vary directly with the level of GNP . For the industry of this model , the effect of such public pressures in the past has been to hold the price well below the short-run profit maximizing price ( given the wage rate and the level of GNP ) , and even below the entry limited price ( but not below average_cost ) . The extent to which the public limit price is raised by a given increase in the basic wage rate is itself a function of three things : the passage of time , the level of GNP , and the size of the wage increase . Related terms |
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