Concept and definition of national income
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This document defines and compares different methods of calculating national income and GDP. It discusses calculating GDP at market prices versus factor cost, and how GDP is the sum of final goods and services produced domestically but excludes earnings of citizens working abroad. It also defines related terms like GNP, NNP, real versus nominal national income, per capita income, personal disposable income, and compares the product, income, and expenditure methods of calculating national income.
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National Income
GDP is the sum of final goods and services produced within a country in a year and can be measured at current or constant prices. GNP includes net income from abroad. NNP is GNP less depreciation. National income data are important for understanding an economy's aggregate production and expenditures, and difficulties in measurement include multiple counting and exclusion of non-market activities. National income is considered a measure of economic welfare as it rises with aggregate production of goods and services.
Concept and method national income in india 5
National income is defined as the total money value of all final goods and services produced in an economy during a year. It is measured using product, income, and expenditure methods. The key concepts are GDP, GNP, NDP, NNP measured at market price, factor cost, and constant/current prices. National income estimation faces problems due to non-monetized sectors, illegal activities, and lack of data in developing countries like India. Its growth rate has increased from 4.4% initially to over 6% in recent decades.
National income power point a.meenaiah
The document defines several key terms used to measure national income:
1) Gross National Product (GNP) is the total value of final goods and services produced by a nation during a year plus net income from abroad.
2) Net National Product (NNP) is GNP minus depreciation. It is also called national income at market prices.
3) Gross Domestic Product (GDP) is the total value of final goods and services produced domestically during a year.
National income
National income refers to the total value of final goods and services produced in a country in one year. There are several ways to measure national income, including GDP, GDI, NNP, and NI. GDP is the total market value of goods and services produced within a country in a year. It can be calculated using the production, income, and expenditure approaches. Other key metrics include per capita income, which is total income divided by population, and NNP and NDP, which are GDP and GNP minus depreciation. National income data provides information on a country's economy, growth trends, production sectors, living standards, and helps guide government policymaking.
4 national income
The document discusses various concepts related to national income such as GDP, NDP, NNP, per capita income. It provides estimates of these figures for India from 1999-2000 to 2004-2005 at both current and constant prices. It also explains key terms like domestic territory, normal residents, stock and flow variables, closed and open economies, and methods of measuring national income such as the product, income and expenditure methods.
Concepts & methods of national income
National income is defined as the total money value of all final goods and services produced in an economy during a year. It can be measured using the product method, income method, and expenditure method. The key concepts are GDP, GNP, NDP, NNP, GDP at current and constant prices, GDP at factor cost and market price. Estimating national income poses challenges like non-monetized transactions and income from illegal activities not being captured fully.
National income
National Income is the total amount of income accruing to a country from economic activities in a year. There are two definitions - traditional and modern. Under the traditional definition, national income is the net annual output of commodities and services produced by a country. The modern definition includes Gross Domestic Product and Gross National Product. GDP is the total value of goods and services produced domestically, while GNP includes income earned abroad. There are various concepts to explain economic activities, such as NNP, NI, PI, DI, and PCI. National income can be measured using the income, product, and expenditure methods.
National Income
National income is measured using three main methods: the production method, income method, and expenditure method. It is the total value of all final goods and services produced in an economy in a given period. National income data is important for measuring economic growth, distribution of wealth, and government budgeting and planning. However, there are difficulties in measuring national income such as the large non-monetized sector in many developing countries, unwillingness of people to reveal income data, problems with data collection, calculating depreciation, and avoiding double counting.
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National Income
GDP is the sum of final goods and services produced within a country in a year and can be measured at current or constant prices. GNP includes net income from abroad. NNP is GNP less depreciation. National income data are important for understanding an economy's aggregate production and expenditures, and difficulties in measurement include multiple counting and exclusion of non-market activities. National income is considered a measure of economic welfare as it rises with aggregate production of goods and services.
Concept and method national income in india 5
National income is defined as the total money value of all final goods and services produced in an economy during a year. It is measured using product, income, and expenditure methods. The key concepts are GDP, GNP, NDP, NNP measured at market price, factor cost, and constant/current prices. National income estimation faces problems due to non-monetized sectors, illegal activities, and lack of data in developing countries like India. Its growth rate has increased from 4.4% initially to over 6% in recent decades.
National income power point a.meenaiah
The document defines several key terms used to measure national income:
1) Gross National Product (GNP) is the total value of final goods and services produced by a nation during a year plus net income from abroad.
2) Net National Product (NNP) is GNP minus depreciation. It is also called national income at market prices.
3) Gross Domestic Product (GDP) is the total value of final goods and services produced domestically during a year.
National income
National income refers to the total value of final goods and services produced in a country in one year. There are several ways to measure national income, including GDP, GDI, NNP, and NI. GDP is the total market value of goods and services produced within a country in a year. It can be calculated using the production, income, and expenditure approaches. Other key metrics include per capita income, which is total income divided by population, and NNP and NDP, which are GDP and GNP minus depreciation. National income data provides information on a country's economy, growth trends, production sectors, living standards, and helps guide government policymaking.
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The document discusses various concepts related to national income such as GDP, NDP, NNP, per capita income. It provides estimates of these figures for India from 1999-2000 to 2004-2005 at both current and constant prices. It also explains key terms like domestic territory, normal residents, stock and flow variables, closed and open economies, and methods of measuring national income such as the product, income and expenditure methods.
Concepts & methods of national income
National income is defined as the total money value of all final goods and services produced in an economy during a year. It can be measured using the product method, income method, and expenditure method. The key concepts are GDP, GNP, NDP, NNP, GDP at current and constant prices, GDP at factor cost and market price. Estimating national income poses challenges like non-monetized transactions and income from illegal activities not being captured fully.
National income
National Income is the total amount of income accruing to a country from economic activities in a year. There are two definitions - traditional and modern. Under the traditional definition, national income is the net annual output of commodities and services produced by a country. The modern definition includes Gross Domestic Product and Gross National Product. GDP is the total value of goods and services produced domestically, while GNP includes income earned abroad. There are various concepts to explain economic activities, such as NNP, NI, PI, DI, and PCI. National income can be measured using the income, product, and expenditure methods.
National Income
National income is measured using three main methods: the production method, income method, and expenditure method. It is the total value of all final goods and services produced in an economy in a given period. National income data is important for measuring economic growth, distribution of wealth, and government budgeting and planning. However, there are difficulties in measuring national income such as the large non-monetized sector in many developing countries, unwillingness of people to reveal income data, problems with data collection, calculating depreciation, and avoiding double counting.
National income
This document discusses various concepts related to measuring national income, including:
1. There are four main methods of measuring national income - the product method, income method, expenditure method, and value added method.
2. The income approach to gross national product (GNP) involves adding up all income payments to the factors of production.
3. The expenditure approach to GNP involves totaling personal consumption expenditures, gross private domestic investment, net foreign investment, and government expenditures.
4. Other concepts discussed include net national product, disposable income, real income, and per capita income. Challenges in measuring national income, especially in developing economies, are also outlined.
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It is the detailed study of National Income in a macro economics of a country with the methods of its measurement and concepts related to it like Gross Domestic Product, Gross National Product, Net Domestic Product, Net National Product.
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The document discusses concepts and methods used to measure national income in India both before and after independence. It describes how national income is estimated using methods such as the product method, income method, and consumption method. It also outlines how different sectors including agriculture, industry, and services contribute to India's national income. Major trends of India's national income over the years and efforts of the government to improve collection of related statistical data are summarized.
National Income: Measuring National Income. Problems in the measurement of Na...
This document discusses measuring national income and gross domestic product (GDP). It defines national income as the monetary value of goods and services produced in an economy over time. GDP is the total value of output produced and includes foreign business output. GDP can be calculated using expenditure, income, and output methods. The document outlines the components and difficulties of measuring national income.
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The document discusses several definitions of national income proposed by economists over time. Marshall defined it as the net annual output produced by a country through labor and capital acting on natural resources. Pigou defined it as the objective income measured in money. Fisher based his definition on consumption rather than production. Overall, national income is now generally defined as the total value of all final goods and services produced in a country in a year.
National income
This document discusses concepts related to measuring national income, including gross domestic product (GDP), net domestic product (NDP), gross national product (GNP), and net national product (NNP). It describes how national income is the total value of all final goods and services produced within a nation in a year. National income can be measured using several methods, including the product method, income method, and expenditure method. The document also notes some challenges in accurately measuring national income.
Methods of measuring National Income
National income can be measured using three methods:
1) The value added or product method measures the market value of final goods produced. It deducts intermediate goods and costs from total output.
2) The income method measures payments (rent, wages, interest, profit) to factors of production. It sums labour income, capital income, and mixed income.
3) The expenditure method measures total domestic expenditure by summing household consumption, investment, government spending, and exports minus imports.
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National income is the total market value of all final goods and services produced in an economy in a given period of time. It can be measured using various approaches such as the output, income, and expenditure approaches. The document discusses the key concepts of national income including GDP, GNP, NNP, personal income, and per capita income. It also covers the methods used to estimate national income and limitations in the measurement process.
Trends of national income in india
1) National income of India constitutes the total amount of income earned by the whole nation and originated both within and outside its territory during a particular year.
2) Estimates of national income are made using various methods including output, income, and expenditure. Data is provided by government agencies and surveys.
3) India's national income has grown significantly since independence, with the economy experiencing periods of modest growth, recovery, and higher growth during the post-reform period from 1992 onward.
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This document provides information about a seminar on National Income. It includes definitions of key concepts related to measuring national income such as Gross Domestic Product, Net Domestic Product, and Gross National Product. It discusses methods used to measure national income, including the product, income, and expenditure methods. It also outlines some of the difficulties in accurately measuring national income, such as how to account for non-market activities and government services. The document concludes by noting the importance of national income statistics for economic planning and development.
NATIONAL INCOME====by sumit mukherjee
National income is defined as the value of all final goods and services produced by the normal residents of a country in a year. It is measured to understand the size and performance of a country's economy, trace economic growth trends, know the structure of the national income, and help formulate development plans and policies. National income is calculated using the production, income, and expenditure methods and aggregates at current and constant prices. It is important but does not fully reflect human development or income distribution.
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This document defines various measures of national income and production. It explains that national income is the total value of final goods and services produced in a country in one year. It also discusses the importance of national income as a key economic indicator. The document then describes Gross Domestic Product (GDP), Gross National Product (GNP), Net National Product (NNP), Net Domestic Product (NDP), personal income, disposable income, per capita income, real vs nominal GDP, the GDP deflator, and real vs nominal income.
National income
National income is defined as the total market value of all final goods and services produced in a country in a year. It can be measured using the gross national product (GNP), gross domestic product (GDP), net national product (NNP), personal income (PI), and disposable income (DI). The key methods used to estimate national income are the value added method, income method, and expenditure method. National income estimates help indicate inflation and deflation trends, allow for comparisons of standards of living, and help identify the contributions and inequalities within an economy.
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The document defines GDP (gross domestic product) and provides three equivalent definitions:
1) Total expenditures on final goods and services produced domestically in a year
2) Sum of the value added at each stage of production by all domestic industries plus taxes and subsidies
3) Sum of all domestic income including employee compensation, business profits, taxes, and subsidies.
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The document discusses national income accounting and how it was developed in response to the Great Depression. It explains how GDP, GNP, and other measures are calculated and what they represent. Specifically, it outlines the three approaches to calculating GDP - output, income, and expenditure - and how GDP is used to measure a country's economic performance and standard of living. However, it also notes some limitations of GDP as an indicator.
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National income is defined as the total value of goods and services produced annually in a country. It includes all income received by households, businesses, and the government in the form of wages, rents, interest and profits. Gross domestic product and gross national product are key concepts used to measure national income. There are several methods used to calculate national income, including the product method, income method, expenditure method, and value added method. National income data is important for economic planning, policymaking, research, and analyzing factors like per capita income and income distribution.
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National income
This document discusses various concepts related to measuring national income, including:
1. There are four main methods of measuring national income - the product method, income method, expenditure method, and value added method.
2. The income approach to gross national product (GNP) involves adding up all income payments to the factors of production.
3. The expenditure approach to GNP involves totaling personal consumption expenditures, gross private domestic investment, net foreign investment, and government expenditures.
4. Other concepts discussed include net national product, disposable income, real income, and per capita income. Challenges in measuring national income, especially in developing economies, are also outlined.
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National income. final
The document discusses several definitions of national income proposed by economists over time. Marshall defined it as the net annual output produced by a country through labor and capital acting on natural resources. Pigou defined it as the objective income measured in money. Fisher based his definition on consumption rather than production. Overall, national income is now generally defined as the total value of all final goods and services produced in a country in a year.
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This document discusses concepts related to measuring national income, including gross domestic product (GDP), net domestic product (NDP), gross national product (GNP), and net national product (NNP). It describes how national income is the total value of all final goods and services produced within a nation in a year. National income can be measured using several methods, including the product method, income method, and expenditure method. The document also notes some challenges in accurately measuring national income.
Methods of measuring National Income
National income can be measured using three methods:
1) The value added or product method measures the market value of final goods produced. It deducts intermediate goods and costs from total output.
2) The income method measures payments (rent, wages, interest, profit) to factors of production. It sums labour income, capital income, and mixed income.
3) The expenditure method measures total domestic expenditure by summing household consumption, investment, government spending, and exports minus imports.
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National income is the total market value of all final goods and services produced in an economy in a given period of time. It can be measured using various approaches such as the output, income, and expenditure approaches. The document discusses the key concepts of national income including GDP, GNP, NNP, personal income, and per capita income. It also covers the methods used to estimate national income and limitations in the measurement process.
Trends of national income in india
1) National income of India constitutes the total amount of income earned by the whole nation and originated both within and outside its territory during a particular year.
2) Estimates of national income are made using various methods including output, income, and expenditure. Data is provided by government agencies and surveys.
3) India's national income has grown significantly since independence, with the economy experiencing periods of modest growth, recovery, and higher growth during the post-reform period from 1992 onward.
National income
This document provides information about a seminar on National Income. It includes definitions of key concepts related to measuring national income such as Gross Domestic Product, Net Domestic Product, and Gross National Product. It discusses methods used to measure national income, including the product, income, and expenditure methods. It also outlines some of the difficulties in accurately measuring national income, such as how to account for non-market activities and government services. The document concludes by noting the importance of national income statistics for economic planning and development.
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National income is defined as the value of all final goods and services produced by the normal residents of a country in a year. It is measured to understand the size and performance of a country's economy, trace economic growth trends, know the structure of the national income, and help formulate development plans and policies. National income is calculated using the production, income, and expenditure methods and aggregates at current and constant prices. It is important but does not fully reflect human development or income distribution.
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National income
This document defines various measures of national income and production. It explains that national income is the total value of final goods and services produced in a country in one year. It also discusses the importance of national income as a key economic indicator. The document then describes Gross Domestic Product (GDP), Gross National Product (GNP), Net National Product (NNP), Net Domestic Product (NDP), personal income, disposable income, per capita income, real vs nominal GDP, the GDP deflator, and real vs nominal income.
National income
National income is defined as the total market value of all final goods and services produced in a country in a year. It can be measured using the gross national product (GNP), gross domestic product (GDP), net national product (NNP), personal income (PI), and disposable income (DI). The key methods used to estimate national income are the value added method, income method, and expenditure method. National income estimates help indicate inflation and deflation trends, allow for comparisons of standards of living, and help identify the contributions and inequalities within an economy.
GDP:an overview
The document defines GDP (gross domestic product) and provides three equivalent definitions:
1) Total expenditures on final goods and services produced domestically in a year
2) Sum of the value added at each stage of production by all domestic industries plus taxes and subsidies
3) Sum of all domestic income including employee compensation, business profits, taxes, and subsidies.
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The document discusses national income accounting and how it was developed in response to the Great Depression. It explains how GDP, GNP, and other measures are calculated and what they represent. Specifically, it outlines the three approaches to calculating GDP - output, income, and expenditure - and how GDP is used to measure a country's economic performance and standard of living. However, it also notes some limitations of GDP as an indicator.
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1. Speculative transactions are those where contracts for buying or selling commodities including stocks and shares are settled without actual delivery, with significant risk of loss in expectation of high gains.
2. Profits and losses from speculative transactions constitute speculative income/loss if they form a distinct speculative business.
3. Certain transactions like hedging, stock jobbing, arbitrage are not considered speculative if done in the ordinary course of business.
4. Trading in shares is deemed a speculative business for companies, except for those assessed under specific income heads or whose main business is banking/loans. Speculative losses can only be set off against speculative profits over 4 years.
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National income refers to the total value of all final goods and services produced in a country in a given year. It is also known as gross domestic product. There are several concepts used to define and measure national income, including gross national product, net national product, national income at factor cost, personal income, and disposable personal income. The measurement of national income is important for understanding a country's economic conditions, enabling government policymaking, and aiding research. Economists generally use gross domestic product, gross national product, net national product, and national income at factor cost to measure national income.
National income
National income can be defined and measured in several ways. Gross national product (GNP) is the total market value of all final goods and services produced in a year by a country, including net income from abroad. GNP includes goods and services for consumers, gross private domestic investment, government goods and services, and net exports. To calculate GNP, only the market price of final products should be included to avoid double counting, and goods/services not involved in current year's production are excluded.
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The document summarizes Keynesian income determination through the aggregate demand-aggregate supply model. It defines consumption and investment functions, which together determine aggregate demand. Consumption depends on income through the marginal propensity to consume. Investment is assumed constant in the short-run. Equilibrium income is reached at the point where aggregate demand equals aggregate supply. This can be modeled as either the AD-AS approach where equilibrium Y satisfies C+I=C+S, or the savings-investment approach where I=S. Numerical examples are provided to illustrate the equilibrium income calculation under each approach.
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National income is the total monetary value of all final goods and services produced within a nation's borders in a given year. It is calculated by adding up all of the incomes earned by the factors of production - wages and salaries, interest and rent, profits, etc. National income can be estimated using several methods, including the product method, income method, and expenditure method. Calculating national income involves some challenges, such as accounting for non-monetized sectors of the economy and income earned abroad. National income statistics are important for economic planning and policymaking.
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national income determination
This chapter discusses how to determine national income and its fluctuations. It introduces the concepts of aggregate expenditure (AE), equilibrium income, the consumption function, savings function, investment, and the multiplier. AE is the total planned spending in the economy. Equilibrium occurs when AE equals national income (Y). The chapter shows that an increase in investment (I) or autonomous consumption will increase AE and equilibrium Y through the multiplier effect. It also discusses the "paradox of thrift" where an increase in savings can reduce income.
Balance of Payment Disequilibrium and Causes
1.Balance of Payment
The balance of payment of a country is a systematic accounting record of all economic transactions during a given period of time between the residents of the country and residents of foreign countries.
2.Componets of BOP
Current Account
It includes imports and exports of goods and services and unilateral transfer of goods and services.
Capital Account
Under this are grouped transactions leading to changes in foreign assets and liabilities of the country.
3. Accounting Treatment of Items (Debit and Credit Items)
Any item which gives rise to a sale of foreign exchange (an inflow) is recorded as a credit item (+) in the accounts e.g. export of goods and services
Any item which gives rise to the purchase of foreign exchange (an outflow) is recorded as a debit item (-) in the accounts e.g imports of goods and services.
4. BOP Disequilibrium
BOP is a double entry accounting record, then apart from errors and omissions, it must always balance.
The BOP deficit or surplus indicate imbalance in the BOP.
This imbalance is interpreted as BOP Disequilibrium.
A country’s balance of payments is said to be in disequilibrium when its autonomous receipts (credits) are not equal to its autonomous payments (debits).
5.BOP Deficit
A deficit or an unfavorable balance exists when the value of autonomous debit items exceeds the value of autonomous credit items.
6. BOP Surplus
A surplus or a favourable balance exists when the value of autonomous credit items exceeds the value of autonomous debit items.
Keynesian theory of income determination
This document provides an overview of Keynesian theory of income determination. It discusses some key concepts:
1) According to Keynes, the equilibrium level of national income and employment is determined by the interaction of aggregate demand (C+I) and aggregate supply (C+S). This equilibrium is called the effective demand point.
2) Effective demand represents the total spending in the economy that matches aggregate supply. It is the level of income and employment where there is no tendency to increase or decrease production.
3) The effective demand point may be below full employment, indicating underemployment. Government spending can increase aggregate demand and move the economy to a new equilibrium with higher income and full employment.
Concept of macroeconomics
Macroeconomics is the study of the behavior and performance of the economy as a whole. It deals with aggregate economic quantities such as output, income, employment, and prices. Macroeconomics analyzes economy-wide phenomena like growth, recessions, inflation, and the impact of fiscal and monetary policy. The goal of macroeconomics is to promote full employment, stability, and economic growth on a national scale.
Macroeconomics
This document provides an overview of key concepts in macroeconomics, including:
1) Macroeconomics deals with the performance and decision-making of the entire economy, including factors like GDP, unemployment, and inflation.
2) The document outlines different macroeconomic schools of thought including Keynesian, neoclassical, monetarist traditions.
3) It also summarizes tools and models used in macroeconomics like fiscal/monetary policy, aggregate supply/demand, and circular flow analysis.
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This document defines national income and provides explanations from various economists. It discusses key concepts related to measuring national income such as GDP, GNP, NNP, personal income, and methods of avoiding double counting. Census of production, income, and expenditure methods for measuring national income are described. Factors that determine national income and difficulties calculating it are also outlined.
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National income is defined as the total value of final goods and services produced in a country in one year. It can be measured using Gross Domestic Product (GDP), Gross National Product (GNP), Net Domestic Product (NDP), and Net National Product (NNP). GDP is the total market value of goods and services produced domestically, while GNP includes net income from abroad. NDP is GDP minus depreciation, and NNP is GNP minus depreciation. Per capita income divides national income by population for average income.
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Concept and definition of national income
- 1. It refers to money value of the flow of goods and services available annually in an economy Three different ways of defining national Income value of output of the period which is available for direct utilisation by individual consumers Sum of the incomes earned during the period from supplying of factor units for the use of production equal to the total consumption and savings of all persons and institutions during a given period
- 2. GDP is the sum of money value of all final goods and services produced within the domestic territories of a country during an accounting year. It includes income from exports and payment made on imports during the year. It does not include the earnings of nationals working abroad and also earnings of foreign nationals working in our country
- 3. GDP measures final output and not intermediate products GDP at Market price – GDP + indirect tax – Subsidies GDP at factor cost – GDP at Market price – Indirect Tax + Subsidies
- 4. It is the aggregate final output of citizens and business of an economy in a year. GNP = GDP + NFIA NET DOMESTIC PRODUCT Net refers to exclusion of that part of output which represents depreciation, wear and tear and replacement during the year of accounting
- 5. Net Domestic Product = GDP – Depreciation Net National Product = GDP – Depreciation + NFIA or NNP = GNP - Depreciation
- 6. National income is obtained by multiplying the output of goods and services by their price. There are two Two practices that is either current or constant price is used. Current price are prices prevailing in the year in which national income is calculated National Income calculated at prevailing price is called nominal National Income
- 7. National income measured on the basis of some fixed price, say price prevailing at a particular point of time, or taking a base year, it is known as national income at constant price or Real National income
- 8. Per Capita Income It is the income per head of a country for a year. Personal disposable income PERSONAL INCOME – PERSONAL TAX
- 9. PRODUCT METHOD Economy is divided on the basis of industries The physical units of output are then interpreted in money terms that is by taking market price of all products The total values thus obtained are added up The indirect taxes are subtracted and subsidies are added. This gives GDP The Net value is calculated by subtracting depreciation
- 10. National income at factor cost means national income calculated by income method According to income method, it is the net income received by all citizens of a country in a particular year that is added up ie total of net rents, net wages, net interest and net profits. It is GDP at factor cost
- 11. Now if the money sent by the citizens of the nation from abroad is added and deduct the payments made to foreign nationals Economy classified on the basis of income group Income of each group is calculated Income from all groups , including income from abroad and undistributed profits
- 12. According to expenditure method According to expenditure method, the total expenditure incurred by the society in a particular year is added together to get the national income. Consumption – Payments of households to goods and services Investment Expenditure – Capital spending includes purchase of new materials and equipments by the firm Residential Construction includes new housing units and renovation of existing structures Inventory investment ( unsold portion of ouput) Government Expenditure Net exports
- 13. Economic Planning Comparing the situations of economic growth in two different countries Determining the regional disparities Measure of economic growth