<P> Factor cost has the following uses in economics: </P> <Ul> <Li> 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, instead of market prices . This allows the effect of any subsidy or indirect tax to be removed from the final measure . </Li> <Li> Factor cost can also refer to the unit cost of a particular factor of production (input in the production process), such as the wage rate or the rental rate of capital . </Li> <Li> Factor Cost or Factor Income are the incomes received by the owners of the production (the households) for rendering their factor services to the producers . Corresponding to the real flow of factor services from the households to the producers, there is a money flow from the producers to the households in the form of rent, interest, profit, and wages . As a consequences of these flows, there is a production of goods and services in the economy . </Li> </Ul> <Li> 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, instead of market prices . This allows the effect of any subsidy or indirect tax to be removed from the final measure . </Li> <Li> Factor cost can also refer to the unit cost of a particular factor of production (input in the production process), such as the wage rate or the rental rate of capital . </Li>

National income at factor cost is equal to
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