Which term refers to the value of all goods and services produced by a nation's citizens anywhere in the world?

The term that refers to the value of all goods and services produced by a nation's citizens anywhere in the world is Gross National Product (GNP). GNP encompasses the total economic output produced by the residents of a country, regardless of whether the production occurs domestically or abroad. This includes the value of goods and services created by the citizens and businesses of a country while excluding the production of foreign entities within the country.

GNP is particularly useful for understanding the economic contributions of a nation’s citizens and businesses globally, highlighting their production capacity beyond national borders. In contrast, Gross Domestic Product (GDP) focuses solely on the value of goods and services produced within a country's borders, regardless of who produces them. This distinction emphasizes the broader economic scope that GNP reflects by accounting for international activities of national entities.

Net National Product (NNP) goes a step further by adjusting GNP for depreciation, which accounts for the loss of value of capital goods over time. National Income (NI) represents the total income earned by residents of a nation, which includes wages, rents, interest, and profits but does not specifically measure production like GNP does. Understanding these concepts is essential for analyzing economic performance and the impact of globalization on a nation's economy.