what is GDPmp ? define in 100 words..
Answers
Answer:
GDPmp excludes the value of intermediate consumption and so it does not value the output or in other words GDPMP is the sum total of value added by all production units within the domestic territory. It excludes capital gains, transfer payments, financial transactions, income generated through illegal activities.
Answer:
GDPmp is equal to the sum of the gross value added of the different institutional sectors or branches of activity, increased by taxes minus subsidies on products (which are not affected by sectors and industries).
According to National Committee appointed by the Government of India in 1949, “A national income estimate measures the volume of commodities and services turned out during a given period of time counted without duplication.”
According to Dr. Alfred Marshall “labor and capital of a country acting on its natural resources, produce annually a certain net aggregate of commodities, material and immaterial, including services of all kinds. The word net means that from the gross value of the output depreciation of capital must be deducted.”
According to Pigou, “national income is that part of the objective income of the community including of course, income derived from abroad, which can be measured in money.”
According to Prof. Fisher, “National income refers solely to services received by ultimate consumers, whether from material or human environment.”