(i) Gross Domestic Product at Market Price (GDPMP):
It is the sum of the total market value of all final goods and services produced within the domestic territory of a country during a period of one year.
‘ Gross’ in GDPMP signifies that no provision has been made for depreciation, i.e., it includes. Depreciation.
(ii) Net Domestic Product at Factor Cost (NDPFC):
It is the net money value of all the final goods and services produced within the domestic territory of a country during a period of one year.
DPFC = GDPMP – Net Indirect Taxes – Depreciation NDPFC is also known as Domestic Income or Domestic factor income.
(iii) Net National Product at the market prices (NNPMP) is the total market value of all the final goods and services produced by the normal residents of a country both within the domestic territory of the country as well as outside the country.
Final Answer:
Gross Domestic Product at Market Price (GDPMP) is an indicator of the country’s economic strength.
Net Domestic Product at Factor Cost (NDPFC) shows the country’s real income because taxes and depreciation are excluded from this income.
Net National Product at the market prices (NNPMP) shows the human capital of the country’s contribution to the economy from within the country and from outside.