Factor cost or national income by type of income is a measure of national income or output based on the cost of factors of production
Factors of production<
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Factor cost or national income by type of income is a measure of national income or output based on the cost of factors of production
Factors of production
In economics, factors of production are the resources employed to produce Good and services. Here the rate of output is modeled as a production function of the rate of use of each input employed.They are generally land, labor, and capital; the three groups of resources that are used to make all goods and services.... , instead of market prices. This allows the effect of any subsidy or indirect tax
Indirect tax
The term indirect tax has more than one meaning.In the colloquial sense, an indirect tax is a tax collected by an intermediary from the person who bears the ultimate economic burden of the tax .... to be removed from the final measure.
