Question

Define the following terms:
(i) $GD{P}_{MP}$;
(ii) $ND{P}_{FC}$;
(iii) $NN{P}_{MP}$

Answer 1

(i) GDP(at MP) : Gross Domestic Product at market price. It refers to the market value of final goods aand servicess produced within the domestic territory of a country during the period of an accounting year, inclusiive of depreciation.
(ii) NDP(at FC): Net Domestic Product at factor cost. It refers to the sum total of factor incomes generated within the domestic territory of a country during the period of an accounting year.
(iii) NNP(at MP) : Net National Product at Market price. It is the sum total of market value of final goods aand servicess produced within the domestic territory of a country during the period of an accounting year, (exclusiive of depreciation )and net factor income from abroad.