00:01
So let's first remember what these things are, right? if we don't know what they are, we can't really talk about them.
00:05
So gdp, right, is the market value of all final domestic output.
00:16
And the key thing here is domestic output, whereas the gross national income is equal to the market value of all income of residents.
00:34
So what we are doing is contrasting income versus output, right? income versus output are very similar, but not the same.
00:45
And the easy way to imagine is that imagine you have some citizens with foreign investments.
00:59
And they, right, so this would add to gross national income, but this is not part of gdp, right? right...