Factor cost

Factor cost^[1] or national income by type of income is a measure of national income or output based on the cost of factors of production, instead of market prices. This allows the effect of any subsidy or indirect tax to be removed from the final measure.

[edit] References

• 1. ^ [1972] (1998) in Bannock, Graham: Dictionary of Economics (in English). New York: John Wiley and Sons. ISBN 0-471-29599-X. 

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