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