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Meghna Thapar 4 years, 10 months ago
In the product method, the economy is usually divided into different industry sectors, such as fishing, agriculture, and transport. The national income is calculated by adding the total output of the companies in the economy. To calculate the domestic income or Net Domestic Product at Factor Cost (NDPFC), net direct taxes and depreciation should be subtracted from GDPMP. The product method formula applicable here is NDPFC=GDPMP – depreciation - net direct taxes.
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