Explanation:

There are various concepts of National Income, such as GDP, GNP, NNP, NI, PI, DI, and PCI which explain the facts of economic activities. GDP at market price: Is money value of all goods and services produced within the domestic domain with the available resources during a year. GDP = (P*Q) Where, GDP = gross domestic product P = Price of goods and services Q= Quantity of goods and services GDP is made up of 4 Components consumption investment government expenditure net foreign exports of a country GDP = C+I+G+(X-M) Where, C=Consumption I=Investment G=Government expenditure (X-M) =Export minus import