gdp

• The market price of all final goods and services produced in a country in a given time period, output produced by factors of production in domestic economy
• GDP at market price- goods and services valued at their market prices (inclusive of indirect taxes and subsidies)
• GDP at basic price (factor cost)- goods and services valued at their cost of production, market prices less indirect taxes plus subsidies
• Final goods prices- excluding intermediate goods (an item produced by one firm, bought by another to be used an a component of a final good or service) and services avoids a problem called double counting 
• GDP measures the value of production which also equals total expenditure on final goods and total income of the factors of production