Explain the term
(1)NNpfc
(2) GDPfc
Answers
(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) 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.
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Answer:
(1)NNNet National Income'
It measures the monetary value of all the finished goods and services produced by the country's factors of production irrespective of their location.
(2)GDPfc-Net value added = Gross value of output – Value of intermediate consumption. Gross value of output = Value of the total sales of goods and services + Value of changes in the inventories. The sum of net value added in various economic activities is known as GDP at factor cost.