Question

Distinguish between gross domestic product and net domestic product at factor cost

Answer 1

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Find out what's next. Gross Domestic Product/Production includes all the income from the 3 sectors ( Primary ,secondary and tertiary ) of a country. This includes income generated within the country only. Whereas Net National Income at factor cost is GDP of a country including NFIA ( net factors income from abroad)..

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Answer 2

Answer:

The main difference is that GNP (Gross National Product) takes into account net income receipts from abroad. GDP (Gross Domestic Product) is a measure of (national income = national output = national expenditure) produced in a particular country. GNP (Gross National Product) = GDP + net property income from abroad