CBSE
Class 10
Class 12
Gross Domestic Product at Market Price (GDPMP): is the market value of all the final goods and services produced by all producing units located in the domestic territory of a Country during an Accounting year.
Net Domestic Product at Market Price (NDPMP): = GDPMP – Depreciation (Consumption of fixed capital).
Gross National Product at Market Price (GNPMP) is the market value of all the final goods and services produced by normal residents (in the domestic territory and abroad) of a country during an accounting year.
Net National Product at Market Price (NNPMP) = GNPMP – Depreciation
Personal income: Personal income is the sum total of all the incomes that are actually received by households from all the sources within and outside the country.
Personal income (PI) = Private income - Coroporate tax - Undistributed Profit. or
Personal income (PI) = National income - Surplus of public sector - Corporate tax - Undistributed Profit + All types of transfer incomes.
Personal disposable income: It refers to that part of personal income which is actually available at the disposal of households.
Personal disposable income (PDI) = Personal Income - Personal Taxes - Miscellaneous receipts of the govt.
National Disposable Income (NDI): It is defined as net national product at market prices (NNPMP) plus current transfers from rest of the world.
National Disposable Income = National Income + Net Indirect Taxes + Net current transfers from rest of the world.
Private Income: Private income refers to the income which accrues to the private sector from all sources within and outside the country.
Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world.
Private Income = Personal Income + Corporate Tax + Undistributed Profit.