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MARGINAL COST: The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost indicates how much total cost changes for a give change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (remember total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. Marginal cost, usually abbreviated MC, is found by dividing the change in total cost (or total variable cost) by the change in output.

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NET NATIONAL PRODUCT:

The total market value of all final goods and services produced by citizens of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Net national product (NNP) has the same relation to net domestic product (NDP) as gross national product (GNP) has to gross domestic product (GDP). Net national product also has the same relation to gross national product that net domestic product has to gross domestic product. Like NDP, NNP is a measure of the net production in the economy.
The key difference between NNP and NDP is identical to that between GNP and GDP. Net national product measures all output produced by citizens of a nation, regardless of where that production takes place, and net domestic product measures all output produced within the political boundaries of a nation, regardless of the citizenry of those doing the producing. The difference between NNP and NDP is net foreign factor income.

In the same way that NDP is derived from GDP by subtracting capital depreciation, specifically the capital consumption adjustment (CCA), NNP is derived from GNP by subtracting the capital consumption adjustment.

NNP=GNP - CCA
When GNP gave way to GDP as the primary measure of gross production in the early 1990s, so too did NNP give way to NDP as the primary measure of net production in the economy. NNP can still be derived from the numbers provided by the Bureau of Economic Analysis, but it is seldom if ever reported with other standard measures of production and income.

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NET NATIONAL PRODUCT, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: October 22, 2021].


Check Out These Related Terms...

     | capital consumption adjustment | capital depreciation | gross domestic product | national income | personal income | disposable income | real gross domestic product |


Or For A Little Background...

     | net domestic product | gross national product | production | product markets | market | value | business cycle indicators | National Income and Product Accounts | Bureau of Economic Analysis | National Bureau of Economic Research |


And For Further Study...

     | macroeconomic problems | macroeconomic theories | macroeconomic sectors | circular flow | business cycles | stabilization policies | gross domestic product, ins and outs | gross domestic product, welfare | gross domestic product, expenditures | gross domestic product, income | net foreign factor income | unemployment | inflation |


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     | Bureau of Economic Analysis |


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