Answer the following questions:
3) Explain the concept of Gross domestic product at market prices.
Answer:
Gross Domestic Product at Market Prices (GDPMP) refers to the market value of all final goods and services produced within the domestic country during an accounting year inclusive of depreciation. It is a gross concept as depreciation is not taken into account in its estimation. Also, GDP is limited to the domestic territory and excludes the Net Factor Income from Abroad (NFIA).
