(i) Gross National Product (GNP): It is the total value of goods and services produced and income received by the domestic residents of a country. It includes profit earned from capital invested abroad.

GNP = C + I + G + (X – M) + NFIA

(ii) Gross Domestic Product (GDP): It is the value of output of goods and service produced by the factors of production within the Geographical boundaries of a country.

GDP = GNP – NFIA

(iii) Net National Product (NNP): It is arrived by deducting Depreciation value from the Gross National Product.

NNP = GNP – Depreciation

(iv) Net Domestic Product ( NDP): It is arrived by deducting the value of depreciation from the Gross Domestic Product.

NDP = GDP – Depreciation

(v) Per-Capita Income: It is obtained by dividing the National Income by the population of a country.

PCI = N.I / population

In the above context,

C – Consumption expenditure

I – Investment expenditure

G – Government expenditure

NFIA – Net Factor Income earned from Abroad

Depreciation – Wear and Tear expenses

(vi) Personal Income: It is the total money income received by all the individual of a country from all possible sources before direct taxes.

PI = NI Corporate Income Taxes – Undistributed Corpo – rate profit – social security Contribution + Transfer payment

(vii) Disposable Income (DI): It means the actual income which can be spent on consumption by the people of the country.

DI = PI – Direct taxes