Question

Ques:
Distinguish between gross domestic product at
factor cost and net domestic product at factor
Cost

Answer 1

Answer:

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Explanation:

Whereas Net National Income at factor cost is GDP of a country including NFIA ( net factors income from abroad). NFIA is basically income from foreign or rest of the world. We also minus the depreciation and net indirect tax,

Answer 2

Answer:

Gross Domestic Product at Factor Cost ( GDPfc):

                                                                                GDPfc is defined as the gross factor value of the final goods and services produced within the domestic territory of a country during an accounting year by all production units excluding Net Indirect Tax.

                                           GDPfc = GDPmp  – Net Indirect Taxes

Net Domestic Product at Factor Cost (NDPfc):

                                                                           NDPfc refers to a total factor income earned by the factor of production within the domestic territory of a country during an accounting year.

                                                                            NDPfc is also known as Domestic Income or Domestic factor income.

NDPfc = GDPmp – Depreciation – Net Indirect Taxes