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National Accounts, GDP Concepts & Union Budget Part 2
What does GDP stand for and what does it measure?
GDP stands for Gross Domestic Product and measures the total monetary value of all final goods and services produced within a country's borders in a specific time period.
What is the difference between Gross Domestic Product and Gross National Income?
GDP measures output within borders; GNI includes net factor income from abroad.
What is the difference between GDP at market price and GDP at factor cost?
GDP at market price includes net indirect taxes (indirect taxes minus subsidies), whereas GDP at factor cost excludes these taxes and subsidies, representing only factor incomes.
What is meant by Net Factor Income from Abroad (NFIA)?
Earnings of residents abroad minus earnings of foreigners within the country.
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