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formula for Gross Domestic product at market price Related: Chapter N...
Formula: GDP (gross domestic product) at market price = value of output in an economy in the particular year – intermediate consumption at factor cost = GDP at market price – depreciation + NFIA (net factor income from abroad) – net indirect taxes.
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formula for Gross Domestic product at market price Related: Chapter N...
Formula for Gross Domestic Product at Market Price
Explanation:
Gross Domestic Product (GDP) at market price
- GDP at market price is calculated by adding the value of all final goods and services produced within a country in a specific time period.
- The formula for GDP at market price is: GDP at market price = GDP at factor cost + Indirect taxes - Subsidies.
Key Points:
- GDP at factor cost: This is the total value of all goods and services produced within a country before accounting for indirect taxes and subsidies.
- Indirect taxes: These are taxes imposed on goods and services by the government, such as sales tax and excise duty.
- Subsidies: These are payments made by the government to support certain industries or products, reducing their production costs.
- Market price: It refers to the prices at which goods and services are bought and sold in the market, including taxes and subsidies.
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formula for Gross Domestic product at market price Related: Chapter Notes - National Income and Related Aggregates?
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