The value of all final goods and services produced by the normal residents of a country and their property, whether operating within the domestic territory of the country or outside in a year is termed as

The value of all final goods and services produced by the normal residents of a country, regardless of whether they operate within the domestic territory or abroad, is defined as Gross National Income (GNI) or Gross National Product (GNP) [6]. While Gross Domestic Product (GDP) measures production within a country's borders [2], GNI focuses on the income and output accruing to residents and their property [7]. GNI is calculated by adding net factor income from abroad (such as property income, interest, and dividends) to the GDP [7]. Historically, this measure was referred to as GNP, but modern national accounting standards often use GNI to emphasize it as an income concept rather than just a production concept [2]. Since the question specifies 'gross' value and includes residents' activities outside the country without deducting depreciation, it refers to Gross National Income [5].

Sources

1. [1] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 1: National Income > POTENTIAL GDP > p. 9
2. [3] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 1: Fundamentals of Macro Economy > 1.11 Macroeconomic Variables > p. 16
3. [6] https://www.sciencedirect.com/topics/social-sciences/gross-national-product
4. [2] Macroeconomics (NCERT class XII 2025 ed.) > Chapter 6: Open Economy Macroeconomics > National Income Identity for an Open Economy > p. 102
5. [7] https://www.oecd.org/en/data/indicators/gross-national-income.html
6. [4] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 1: National Income > NATIONAL INCOME > p. 3
7. [5] Macroeconomics (NCERT class XII 2025 ed.) > Chapter 6: Open Economy Macroeconomics > National Income Identity for an Open Economy > p. 103