What is the difference between gross domestic product and net domestic – InterviewSolution

1.	What is the difference between gross domestic product and net domestic product?
Answer» Gross Domestic Product : It is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time. Nominal GDP estimates are commonly used to determine the economic performance of an entire country or region, and to make international comparisons. Net Domestic Product : It accounts for capital that has been consumed over the year in the form of housing, vehicle, or machinery deterioration. The depreciation accounted for is often referred to as “capital consumption allowance” and it represents the amount of capital that would be needed to replace those depreciated assets.

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