GDP - Gross domestic Product
Sum of money value of all final goods and services produced within the domestic territories of a country during an accounting year.
GDP = Factor Cost + Market Price
GNP - Gross National Product
It is the aggregate final output of citizen and business of an economy in a year
GNP = GDP+NFIA(Net Factor Income From Abroad)
NFIA = Income Received from abroad for rendering factor services - Income paid towards services rendered by foreign nationals in the domestic territory
NDP & NNP
Net Domestic & Net National Product
NDP = GDP - Depreciation
NNP = GNP - Depreciation
Depreciation is the reduction in value due to wear & tear
National Income = NNP at the factor Cost
