Gross Domestic Product at Factor Cost Solution

STEP 0: Pre-Calculation Summary
Formula Used
Gross Domestic Product at Factor Cost = Gross Domestic Product at Market Price+Subsidies-Indirect Taxes
GDPfc = GDPmp+Ss-IT
This formula uses 4 Variables
Variables Used
Gross Domestic Product at Factor Cost - Gross Domestic Product at Factor Cost is a measure of the total value of all goods and services produced within a country's borders during a specific time period.
Gross Domestic Product at Market Price - Gross Domestic Product at Market Price is a measure of the total value of all final goods and services produced within a country's borders during a specific time period.
Subsidies - Subsidies are financial assistance provided by the government to individuals, businesses, or industries to support or promote certain activities, goods, or services.
Indirect Taxes - Indirect Taxes are the taxes imposed by the government on goods and services rather than on individuals or businesses directly.
STEP 1: Convert Input(s) to Base Unit
Gross Domestic Product at Market Price: 25050 --> No Conversion Required
Subsidies: 12000 --> No Conversion Required
Indirect Taxes: 2300 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
GDPfc = GDPmp+Ss-IT --> 25050+12000-2300
Evaluating ... ...
GDPfc = 34750
STEP 3: Convert Result to Output's Unit
34750 --> No Conversion Required
FINAL ANSWER
34750 <-- Gross Domestic Product at Factor Cost
(Calculation completed in 00.004 seconds)

Credits

Created by Aashna
IGNOU (IGNOU), India
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BMS College of Engineering (BMSCE), Bangalore
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20 Macroeconomics Calculators

Operating Surplus
Go Operating Surplus = Value of Output-Intermediate Consumption-Compensation of Employees-Mixed Income-Consumption of Fixed Capital-Net Indirect Taxes
Components of Aggregate Demand
Go Components of Aggregate Demand = Private Consumption Expenditure+Investment Expenditure+Government Expenditure+Net Exports
Real Effective Exchange Rate
Go Real Effective Exchange Rate = (Consumer Price Index of Domestic Nation*Nominal Effective Exchange Rate)/Consumer Price Index of Foreign Country
Net Factor Income from Abroad
Go Net Factor Income from Abroad = Net Compensation of Employees+Net Income from Property and Entrepreneurship+Net Retained Earnings
National Disposable Income
Go National Disposable Income = National Income+Net Indirect Taxes+Net Current Transfers from the Rest of the World
Gross Domestic Product at Factor Cost
Go Gross Domestic Product at Factor Cost = Gross Domestic Product at Market Price+Subsidies-Indirect Taxes
Change in Money Supply
Go Change in Money Supply = (1/Required Reserve Ratio)*Change in Bank Reserves-(Initial Deposit Amount)
Personal Disposable Income
Go Personal Disposable Income = Personal Income-Personal Taxes-Miscellaneous Receipts of Government
Life Expectancy
Go Life Expectancy = Current Age of the Individual+Average Life Expectancy-Adjustment Factor
Private Final Consumption Expenditure
Go Private Final Consumption Expenditure = Household Final Consumption Expenditure+Non Profit Private Institutions FCE
Gross National Product at Market Price
Go Gross National Product at Market Price = Gross Domestic Product at Factor Cost+Net Factor Income from Abroad
Net Domestic Product at Factor Cost
Go Net Domestic Product at Factor Cost = Net Domestic Product at Market Price-Net Indirect Taxes
Net Domestic Product at Market Price
Go Net Domestic Product at Market Price = Gross Domestic Product at Market Price-Depreciation
Growth Rate of Money Supply
Go Growth Rate of Money Supply = Rate of Inflation+Growth Rate of Real Gross Domestic Product
Real Gross Domestic Product Per Capita
Go Real Gross Domestic Product Per Capita = Real Gross Domestic Product/Total Population
Expenditure Multiplier
Go Expenditure Multiplier = Initial Consumer Price Index/Change in Government Spending
Gross National Disposable Income
Go Gross National Disposable Income = Net National Disposable Income+Depreciation
Velocity of Money
Go Velocity of Money = Nominal Gross Domestic Product/Money Supply
Real Wage
Go Real Wage = Nominal Wage/Consumer Price Index
Simple Deposit Multiplier
Go Simple Deposit Multiplier = 1/Required Reserve Ratio

Gross Domestic Product at Factor Cost Formula

Gross Domestic Product at Factor Cost = Gross Domestic Product at Market Price+Subsidies-Indirect Taxes
GDPfc = GDPmp+Ss-IT

What do you mean by Gross Domestic Product at Factor Cost ?

Gross Domestic Product at Factor Cost is an important measure of the income generated within an economy and is used in national accounting to assess economic performance and make comparisons across different sectors and countries. Factor cost refers to the total income earned by the factors of production (i.e., labour, capital, and entrepreneurship) involved in the production process. GDP at factor cost measures the value of output produced by these factors before any adjustments for taxes on production and subsidies provided to producers. To calculate GDP at factor cost, one typically starts with gross value added at factor cost, which is the total value added by all sectors of the economy before accounting for taxes and subsidies. Then, intermediate consumption (the value of goods and services used up in the production process) is subtracted from GVA to obtain GDP at factor cost.

How to Calculate Gross Domestic Product at Factor Cost?

Gross Domestic Product at Factor Cost calculator uses Gross Domestic Product at Factor Cost = Gross Domestic Product at Market Price+Subsidies-Indirect Taxes to calculate the Gross Domestic Product at Factor Cost, Gross Domestic Product at Factor Cost is a measure of the total value of all goods and services produced in a country during a specific time duration, typically a year, after accounting for the cost of intermediate consumption and before accounting for indirect taxes and subsidies. Gross Domestic Product at Factor Cost is denoted by GDPfc symbol.

How to calculate Gross Domestic Product at Factor Cost using this online calculator? To use this online calculator for Gross Domestic Product at Factor Cost, enter Gross Domestic Product at Market Price (GDPmp), Subsidies (Ss) & Indirect Taxes (IT) and hit the calculate button. Here is how the Gross Domestic Product at Factor Cost calculation can be explained with given input values -> 34550 = 25050+12000-2300.

FAQ

What is Gross Domestic Product at Factor Cost?
Gross Domestic Product at Factor Cost is a measure of the total value of all goods and services produced in a country during a specific time duration, typically a year, after accounting for the cost of intermediate consumption and before accounting for indirect taxes and subsidies and is represented as GDPfc = GDPmp+Ss-IT or Gross Domestic Product at Factor Cost = Gross Domestic Product at Market Price+Subsidies-Indirect Taxes. Gross Domestic Product at Market Price is a measure of the total value of all final goods and services produced within a country's borders during a specific time period, Subsidies are financial assistance provided by the government to individuals, businesses, or industries to support or promote certain activities, goods, or services & Indirect Taxes are the taxes imposed by the government on goods and services rather than on individuals or businesses directly.
How to calculate Gross Domestic Product at Factor Cost?
Gross Domestic Product at Factor Cost is a measure of the total value of all goods and services produced in a country during a specific time duration, typically a year, after accounting for the cost of intermediate consumption and before accounting for indirect taxes and subsidies is calculated using Gross Domestic Product at Factor Cost = Gross Domestic Product at Market Price+Subsidies-Indirect Taxes. To calculate Gross Domestic Product at Factor Cost, you need Gross Domestic Product at Market Price (GDPmp), Subsidies (Ss) & Indirect Taxes (IT). With our tool, you need to enter the respective value for Gross Domestic Product at Market Price, Subsidies & Indirect Taxes and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
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