Distinguish between Gross domestic product at a market price and Gross domestic product at factor cost.
|Basis of Difference||Gross domestic product at a market price||Gross domestic product at factor cost|
|Meaning||Gross market value of all goods and services produced within the domestic territory.||Gross money value of all goods and services produced within the domestic territory.|
|Subsidy/Indirect tax||Includes indirect tax paid but excludes subsidies||Includes subsidies but excludes indirect taxes paid|
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- Equilibrium Price
Solution Distinguish Between Gross Domestic Product at a Market Price and Gross Domestic Product at Factor Cost. Concept: Equilibrium Price.