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प्रश्न
Define national product at factor prices.
परिभाषा
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उत्तर
- National Product at Factor Prices is the total value of all final goods and services produced by the normal residents of a country in a year, measured by adding all factor incomes like wages, rent, interest, and profits.
- It excludes indirect taxes and includes subsidies, showing the actual earnings of the producers or factors of production.
It is calculated as:
National Product at Factor Prices = National Product at Market Prices − Indirect Taxes + Subsidies
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