Net Domestic Product (NDP) is also arrived from GDP by making adjustment with regard to depreciation 
GDP - Depreciation = NDP

(i) Gross Domestic Product (GDP) is the total value of output (goods and services) produced by the factors of production located within the country's boundary in a year.
(ii) The factors of production may be owned by anyone-citizens or foreigners.
GDP = GNP - Net income earned from abroad

(i) Gross National Product (GNP) is the total value of output (goods and services) produced and income received in a year by domestic residents of a country.
(ii) It includes profits earned from capital invested from abroad.

National Income is a measure of the total value of the goods and services (Output) produced by an economy over a period of time (normally a year).

(i) Gross National Product (GNP)
(ii) Gross Domestic Product (GDP)
(iii) Net National Product (NNP)
(iv) Net Domestic Product (NDP)

(i) Firms
(ii) House holds
(iii) Government
(iv) Rest of the world
(v) Capital Sector

Capital gains arise when a capital asset such as a house, other property, stocks or shares, etc. is sold at higher price than was paid for it at the time of purchase. Capital gains are excluded from national income.

Disposable Income is an individuals income after the payment of income tax. This is the amount available for households for consumption.

Personal Income = National Income - (Social Security contribution and undistributed corporate profit) + Transfer Payments.

GDP is the total market value of final goods and services produced within the country during a year.
GDP by expenditure methods at market prices = C + I + G + (X - M)

National Income means the total money value of all final goods and services produced in a country during a particular period of time.

(i) Nominal income is expressed in terms of a general price level of a particular year. In other words, real income is the buying power of nominal income.
(ii) The real income is derived as follows
National Income at constant price = National Income at current price \(\div\) P₁/P₀

i) Production or Value added method.
ii) Income method or Factor Earning method.
iii) Expenditure Method or outlay method.

Per capita income = \(\frac{National\ Income}{Population}\)

Net Domestic Product = GDP - Depreciation.