OMTEX CLASSES: Gross domestic products at market price and Gross domestic product at factor cost.

Gross domestic products at market price and Gross domestic product at factor cost.


GDP at Market Price
GDP at factors cost
1. It is the gross value of domestic product at market price within the domestic territory of the country during a year.
1. It is the money value of all final goods and services produced within domestic territory counted in terms of factors cost of production.
2. GDPMP = C + I + G + (X - M)
2. GDPFC = C + I + A + (X - M) - Indirect taxes subsidies.
3. It icludes two types i.e. limited legal tender and unlimited legal tender.
3. It can be drawn as per requirement of amount of transactions.
4. Non acceptance result in punishment.
4. Non acceptance does not result in punishment.