National income is a comprehensive measure of an economy's performance. It can be measured using three methods: value added (product) method, income method, and expenditure method. The value added method sums the value added by each producing unit by taking the difference between output value and intermediate consumption. The income method sums the incomes received by residents for productive services. The expenditure method measures national income as the total final expenditures by households, businesses, government, and foreigners. India estimates national income using both the product and income methods, with per capita national income being around Rs. 135,000 in 2020 and Rs. 126,000 in 2021.
This assignment is done for a small business with the addition of different accounting items the small business can use to maximize their profit.
It has Break-even point for the company. Sales revenue. Target profit maximization.
Cost classification of the company.
This document provides a guide for ACC 349 Final Exam with 42 multiple choice questions covering topics like cost accounting, job order costing, activity-based costing, variable costing, budgeting, and cost-plus pricing. It also provides links to purchase exam materials and visit the website for more classes.
This document discusses key concepts related to measuring national income, including:
- National income is the total income generated in a country in a year from all economic activities. It includes wages, interest, rent, and profits.
- Gross domestic product (GDP) measures the total value of final goods and services produced domestically in a year. It can be measured through the output, income, and expenditure approaches.
- Gross national product (GNP) includes GDP plus the factor incomes earned abroad by a country's citizens, minus the factor incomes earned within the country by foreign citizens. For most countries like India, GNP is less than GDP due to negative net foreign factor incomes.
National income is the total value of goods and services produced in an economy over a period of time. It can be measured using the final product approach, value added approach, and expenditure approach. The final product approach sums the market value of all final goods and services. The value added approach sums value added at each stage of production. The expenditure approach sums all final expenditures on goods and services, including consumption, investment, government spending, and net exports. There are challenges in accurately measuring national income, such as double counting, transfer payments, and difficulties in valuing non-monetary activities.
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.
This document provides an introduction to managerial economics and key macroeconomic concepts. It discusses how economics can be divided into microeconomics and macroeconomics. Microeconomics explains supply and demand in markets while macroeconomics deals with national output, income, spending, employment, inflation, and other aggregate indicators. The document then explains key macroeconomic measures including Gross Domestic Product (GDP), how it is calculated, its components of consumption, investment, government spending, and net exports. It also discusses real GDP, nominal GDP, and the GDP deflator for measuring inflation. Fiscal policy involving taxation and government spending is briefly covered.
Firms must consider the macroeconomic environment when making production and pricing decisions. Key indicators of an economy's performance include aggregate output, price levels, investment, consumption, and balance of payments. The macro economy represents the aggregation of individual households and firms. Common measures used to evaluate price movements are the consumer price index, wholesale price index, and GDP deflator.
This assignment is done for a small business with the addition of different accounting items the small business can use to maximize their profit.
It has Break-even point for the company. Sales revenue. Target profit maximization.
Cost classification of the company.
This document provides a guide for ACC 349 Final Exam with 42 multiple choice questions covering topics like cost accounting, job order costing, activity-based costing, variable costing, budgeting, and cost-plus pricing. It also provides links to purchase exam materials and visit the website for more classes.
This document discusses key concepts related to measuring national income, including:
- National income is the total income generated in a country in a year from all economic activities. It includes wages, interest, rent, and profits.
- Gross domestic product (GDP) measures the total value of final goods and services produced domestically in a year. It can be measured through the output, income, and expenditure approaches.
- Gross national product (GNP) includes GDP plus the factor incomes earned abroad by a country's citizens, minus the factor incomes earned within the country by foreign citizens. For most countries like India, GNP is less than GDP due to negative net foreign factor incomes.
National income is the total value of goods and services produced in an economy over a period of time. It can be measured using the final product approach, value added approach, and expenditure approach. The final product approach sums the market value of all final goods and services. The value added approach sums value added at each stage of production. The expenditure approach sums all final expenditures on goods and services, including consumption, investment, government spending, and net exports. There are challenges in accurately measuring national income, such as double counting, transfer payments, and difficulties in valuing non-monetary activities.
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.
This document provides an introduction to managerial economics and key macroeconomic concepts. It discusses how economics can be divided into microeconomics and macroeconomics. Microeconomics explains supply and demand in markets while macroeconomics deals with national output, income, spending, employment, inflation, and other aggregate indicators. The document then explains key macroeconomic measures including Gross Domestic Product (GDP), how it is calculated, its components of consumption, investment, government spending, and net exports. It also discusses real GDP, nominal GDP, and the GDP deflator for measuring inflation. Fiscal policy involving taxation and government spending is briefly covered.
Firms must consider the macroeconomic environment when making production and pricing decisions. Key indicators of an economy's performance include aggregate output, price levels, investment, consumption, and balance of payments. The macro economy represents the aggregation of individual households and firms. Common measures used to evaluate price movements are the consumer price index, wholesale price index, and GDP deflator.
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.
The document discusses various measures of national income and output, including GDP. It defines GDP as the total value of goods and services produced domestically in a country. GDP can be measured in three ways - the output method, income method, and expenditure method. Real GDP measures output adjusted for inflation to give a truer picture of economic performance than nominal GDP.
all about national income gdp, management , sector models,methods to calculate gdp that you want to learn as a beginner.ppt from CABM students gbpuat, Pantnagar
All about national income that u need to know for beginners. various methods to calculate gdp,gnp etc
presented by students of College of Agribusiness Management, govind ballabh pant university of agriculture & technology.
National income refers to the total value of all final goods and services produced within a country in a year. It includes GDP, GNP, NNP, and per capita income. National income is calculated using the expenditure approach (summing consumption, investment, government spending, and net exports) and the income approach (summing compensation to workers, business profits, interest, rent, and mixed income). Challenges to measuring national income include non-market production, double-counting, and difficulties obtaining accurate statistical data.
Concept of national income and comparison with pakistanAgamya Dixit
It discusses the various concepts of national income like GDP, GNP, circular flow of income , etc .. It also brings to light the data related to national income for past few years and the trends. It also presents a comparison with the national income trends of Pakistan.
The document discusses three methods for measuring national income:
1) Value-added or production method which measures the total value of goods and services produced minus intermediate goods.
2) Income method which aggregates all incomes from wages, rent, interest, and profits.
3) Expenditure method which measures the total expenditures on final goods and services produced domestically.
It also discusses measuring national income at constant prices to estimate real growth and at current prices for monetary value. Price indices like GDP deflator, CPI, and WPI are used to adjust for inflation. While GNP measures monetary value, it does not perfectly reflect welfare due to issues like income distribution, externalities, and non-monetary
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.
This document provides information on key macroeconomic concepts and metrics including:
1. It defines national income as the net value of all goods and services produced by a country's residents during a financial year.
2. It explains the importance of studying national income for economic policy, planning, understanding economic structure, and more.
3. It distinguishes between national income measured at current prices versus constant prices, and how this impacts understanding economic growth.
4. It provides definitions and explanations of related concepts like GDP, GVA, business cycles, aggregate demand, aggregate supply, and more.
This document provides an introduction to macroeconomics. It defines macroeconomics as dealing with the functioning of the overall economy and studying aggregates like income, consumption, investment and price levels. The major concerns of macroeconomics include aggregate demand, aggregate supply, inflation, economic growth, and unemployment. Understanding macroeconomic aggregates is useful for policymakers in formulating monetary, fiscal and other policies. The document also discusses the differences between microeconomics and macroeconomics.
The document discusses consumer price index numbers, which are index numbers that indicate changes in consumer prices for a basket of goods and services. Consumer price indices are needed because general price indices do not accurately show how price changes impact different classes of consumers who have varying consumption patterns. The indices are calculated using methods like the aggregative expenditure method or family budget method and are used by governments and others to formulate economic policies, grant employee allowances, and evaluate purchasing power.
This document discusses key macroeconomic indicators used to measure economic activity. It begins by explaining that GDP measures the total value of final goods and services produced domestically in a given time period. GDP can be calculated based on income, expenditure, or production approaches. The chapter also discusses how GDP is adjusted for inflation to derive real GDP and the GDP deflator. Additionally, it explains that the CPI measures price changes in consumer goods and the unemployment rate is calculated based on labor force surveys distinguishing between employed, unemployed, and those not in the labor force. In conclusion, it notes the transition from economic statistics to economic models.
The document discusses different methods of measuring national income:
1) The production method measures the net value of all goods and services produced in an economy over a year.
2) The income method measures national income by totaling incomes received by factors of production such as wages, rent, interest and profits.
3) The expenditure method measures total expenditure on final goods and services in an economy through consumption, investment, exports and government spending.
Report in economics chapter 10-national income accountingmariethereza
This document discusses national income accounting and how gross domestic product (GDP) is measured. GDP is the total market value of all final goods and services produced within a country in one year. To calculate GDP, the quantity of each good and service is multiplied by its price to convert everything into a common value measure that can be added together. GDP excludes intermediate goods and services to avoid double counting. It represents a flow over a year, not a stock at a single point in time.
National income is the total value of all final goods and services produced in a country in a year. It is measured using three methods: production, income, and expenditure. The production method sums the value of output. The income method sums incomes from factors of production like wages, profits, rent. The expenditure method sums consumption, investment, government spending, and net exports. India's economy is divided into agriculture, industry, and services. Over time, agriculture's GDP share has fallen while services has risen significantly. National income statistics help analyze economic growth, standard of living, and income distribution.
The document discusses different methods to measure Gross Domestic Product (GDP) including the expenditure method, income method, and value added method. It provides examples calculating GDP using transactions of two companies, Orange Inc. and Juice Inc. GDP can be measured at market price using expenditure or value added methods, and at factor cost using the income method. Real GDP is used to eliminate the effect of inflation and compare economic activity over time. [END SUMMARY]
This document provides an outline for a lecture on national income. It defines national income and explains the three approaches to calculating it: income, expenditure, and output. It also defines key terms used to measure national income like GDP, GNP, NNP, real GDP, and GDP deflator. The document outlines the product, income, and expenditure methods for calculating GDP and discusses problems that can arise in the calculations. It explains how national income statistics can be used and limitations of the various measures.
National Income and its Measurement.pptMananAhuja30
National income measures the total value of goods and services produced in an economy over a period of time. The Central Statistical Organisation estimates India's national income and publishes these estimates. National income analysis provides an index of economic activity and aids economic planning by indicating economic growth and helping policymakers frame policies to achieve goals like full employment and growth. National income can be measured via the product method, factor income method, or expenditure method.
Tutorhelpdesk provides macroeconomics assignment help from experienced tutors. They ensure assignments are solved correctly by considering all requirements. Tutors have expertise in macroeconomics concepts and use graphs/tables to clearly explain solutions. National income is determined by analyzing factors influencing equilibrium income level. Key concepts like GDP, GNP, GNI measure annual output value differently based on territory and ownership. GDP refers to domestic output value while GNP includes incomes from abroad earned by residents. National income equals total factor incomes like wages, rent, interest and profit accruing from GNP.
The document discusses several key macroeconomic indicators used to measure and understand a country's economy. It begins by explaining GDP as the total market value of all final goods and services produced within a country in a given period of time. It then discusses how GDP is calculated using the expenditure, income, and value added approaches. The document also covers other indicators like GNP, inflation rates, unemployment rates, and underemployment rates. It explains how to interpret and compare these figures across countries.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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.
The document discusses various measures of national income and output, including GDP. It defines GDP as the total value of goods and services produced domestically in a country. GDP can be measured in three ways - the output method, income method, and expenditure method. Real GDP measures output adjusted for inflation to give a truer picture of economic performance than nominal GDP.
all about national income gdp, management , sector models,methods to calculate gdp that you want to learn as a beginner.ppt from CABM students gbpuat, Pantnagar
All about national income that u need to know for beginners. various methods to calculate gdp,gnp etc
presented by students of College of Agribusiness Management, govind ballabh pant university of agriculture & technology.
National income refers to the total value of all final goods and services produced within a country in a year. It includes GDP, GNP, NNP, and per capita income. National income is calculated using the expenditure approach (summing consumption, investment, government spending, and net exports) and the income approach (summing compensation to workers, business profits, interest, rent, and mixed income). Challenges to measuring national income include non-market production, double-counting, and difficulties obtaining accurate statistical data.
Concept of national income and comparison with pakistanAgamya Dixit
It discusses the various concepts of national income like GDP, GNP, circular flow of income , etc .. It also brings to light the data related to national income for past few years and the trends. It also presents a comparison with the national income trends of Pakistan.
The document discusses three methods for measuring national income:
1) Value-added or production method which measures the total value of goods and services produced minus intermediate goods.
2) Income method which aggregates all incomes from wages, rent, interest, and profits.
3) Expenditure method which measures the total expenditures on final goods and services produced domestically.
It also discusses measuring national income at constant prices to estimate real growth and at current prices for monetary value. Price indices like GDP deflator, CPI, and WPI are used to adjust for inflation. While GNP measures monetary value, it does not perfectly reflect welfare due to issues like income distribution, externalities, and non-monetary
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.
This document provides information on key macroeconomic concepts and metrics including:
1. It defines national income as the net value of all goods and services produced by a country's residents during a financial year.
2. It explains the importance of studying national income for economic policy, planning, understanding economic structure, and more.
3. It distinguishes between national income measured at current prices versus constant prices, and how this impacts understanding economic growth.
4. It provides definitions and explanations of related concepts like GDP, GVA, business cycles, aggregate demand, aggregate supply, and more.
This document provides an introduction to macroeconomics. It defines macroeconomics as dealing with the functioning of the overall economy and studying aggregates like income, consumption, investment and price levels. The major concerns of macroeconomics include aggregate demand, aggregate supply, inflation, economic growth, and unemployment. Understanding macroeconomic aggregates is useful for policymakers in formulating monetary, fiscal and other policies. The document also discusses the differences between microeconomics and macroeconomics.
The document discusses consumer price index numbers, which are index numbers that indicate changes in consumer prices for a basket of goods and services. Consumer price indices are needed because general price indices do not accurately show how price changes impact different classes of consumers who have varying consumption patterns. The indices are calculated using methods like the aggregative expenditure method or family budget method and are used by governments and others to formulate economic policies, grant employee allowances, and evaluate purchasing power.
This document discusses key macroeconomic indicators used to measure economic activity. It begins by explaining that GDP measures the total value of final goods and services produced domestically in a given time period. GDP can be calculated based on income, expenditure, or production approaches. The chapter also discusses how GDP is adjusted for inflation to derive real GDP and the GDP deflator. Additionally, it explains that the CPI measures price changes in consumer goods and the unemployment rate is calculated based on labor force surveys distinguishing between employed, unemployed, and those not in the labor force. In conclusion, it notes the transition from economic statistics to economic models.
The document discusses different methods of measuring national income:
1) The production method measures the net value of all goods and services produced in an economy over a year.
2) The income method measures national income by totaling incomes received by factors of production such as wages, rent, interest and profits.
3) The expenditure method measures total expenditure on final goods and services in an economy through consumption, investment, exports and government spending.
Report in economics chapter 10-national income accountingmariethereza
This document discusses national income accounting and how gross domestic product (GDP) is measured. GDP is the total market value of all final goods and services produced within a country in one year. To calculate GDP, the quantity of each good and service is multiplied by its price to convert everything into a common value measure that can be added together. GDP excludes intermediate goods and services to avoid double counting. It represents a flow over a year, not a stock at a single point in time.
National income is the total value of all final goods and services produced in a country in a year. It is measured using three methods: production, income, and expenditure. The production method sums the value of output. The income method sums incomes from factors of production like wages, profits, rent. The expenditure method sums consumption, investment, government spending, and net exports. India's economy is divided into agriculture, industry, and services. Over time, agriculture's GDP share has fallen while services has risen significantly. National income statistics help analyze economic growth, standard of living, and income distribution.
The document discusses different methods to measure Gross Domestic Product (GDP) including the expenditure method, income method, and value added method. It provides examples calculating GDP using transactions of two companies, Orange Inc. and Juice Inc. GDP can be measured at market price using expenditure or value added methods, and at factor cost using the income method. Real GDP is used to eliminate the effect of inflation and compare economic activity over time. [END SUMMARY]
This document provides an outline for a lecture on national income. It defines national income and explains the three approaches to calculating it: income, expenditure, and output. It also defines key terms used to measure national income like GDP, GNP, NNP, real GDP, and GDP deflator. The document outlines the product, income, and expenditure methods for calculating GDP and discusses problems that can arise in the calculations. It explains how national income statistics can be used and limitations of the various measures.
National Income and its Measurement.pptMananAhuja30
National income measures the total value of goods and services produced in an economy over a period of time. The Central Statistical Organisation estimates India's national income and publishes these estimates. National income analysis provides an index of economic activity and aids economic planning by indicating economic growth and helping policymakers frame policies to achieve goals like full employment and growth. National income can be measured via the product method, factor income method, or expenditure method.
Tutorhelpdesk provides macroeconomics assignment help from experienced tutors. They ensure assignments are solved correctly by considering all requirements. Tutors have expertise in macroeconomics concepts and use graphs/tables to clearly explain solutions. National income is determined by analyzing factors influencing equilibrium income level. Key concepts like GDP, GNP, GNI measure annual output value differently based on territory and ownership. GDP refers to domestic output value while GNP includes incomes from abroad earned by residents. National income equals total factor incomes like wages, rent, interest and profit accruing from GNP.
The document discusses several key macroeconomic indicators used to measure and understand a country's economy. It begins by explaining GDP as the total market value of all final goods and services produced within a country in a given period of time. It then discusses how GDP is calculated using the expenditure, income, and value added approaches. The document also covers other indicators like GNP, inflation rates, unemployment rates, and underemployment rates. It explains how to interpret and compare these figures across countries.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
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2. Introduction
National income is considered as the most comprehensive measures of the
performance of an economy. However, its measurement is an extremely
complicated task.
When the process of production takes place, then the factor incomes are
paid to factors of production for their factor services. It means, there is an
‘Income Flow’ corresponding to the ‘Output Flow’.
Factors of production spend their income on purchase of goods and services
by making consumption ‘Expenditure’.
3. Thus, production gives rise to income results in expenditure, which in turn, generate income again. Similarly,
National Income of a country can be measured by 3 different methods :
1. Value Added Method ( Product Method ).
2. Income Method.
3. Expenditure Method.
4. VALUE ADDED METHOD ( PRODUCT METHOD )
This method is used to measure national income in different phases of
production in the circular flow. It shows the contribution (value added) of each
producing unit in the production process.
Every individual enterprise adds certain value to the products, which it
purchases from some other firm as intermediates goods.
When value added by each and every individual firm is summed up, we get
the value of national income.
5. Concept of Value Added
• Value added refers to the addition of value to the raw material (
intermediate goods ) by a firm by virtue of its productive activities. It is the
contribution of an enterprise to the current flow of goods and services. It is
calculated as the difference between value of output and value of
intermediate consumption :
Formula :Value Added =Value of Output – Intermediate Consumption
6. Example of Concept of Value Added
Suppose a baker needs only flour to produce bread. He purchases flour as inputs worth Rs.500
from the miller and then by virtue of its productive activities, converts the flour into bread and
sells the bread for Rs.700.
In given example :
Flour is an input ( Intermediate goods ) and its value of Rs.500 is termed as value of
‘Intermediate Consumption’.
Bread is the Output and its value of Rs.700 is termed as ‘Value of Output’.
Difference between the value of output and intermediate consumption is termed as ‘Value
Added ‘. It means, that the baker has added a value of Rs.200 to the total flow of final
goods and services in the economy.
Value added by each producing enterprise is also known as the GrossValueAdded at
Market Price (GVA mp). It means, value added by baker (Rs.200) can be termed either as
Value Added or GVA mp.
Sum total of GVA mp of all producing enterprise within the domestic territory of a country
during one year is equal to GDP mp (Gross Domestic Product at Market Price), i.e.
𝐺𝑉𝐴 𝑚𝑝 = 𝐺𝐷𝑃 𝑚𝑝.
7. Intermediate Consumption and Final Consumption
Intermediate Consumption refers to the expenditure incurred by a production
unit on purchasing those goods and services from other production units,
which are meant for resale or for using up completely (i.e. further production)
during the same year. In the given example, expenditure on flour is
intermediate consumption.
Final Consumption refers to the expenditure on goods and services meant for
final for final consumption and investment. In the given example, expenditure
on bread is final consumption.
8. Value of Output
Value of Output refers to market value of all goods and services produced
during a period of one year.
How to measure theValue of Output ?
i. When the entire output is sold in an accounting year, then :Value of
Output = Sales.
ii. When the entire output is not sold in an accounting year, then the unsold
stock is added to the value of sales. Unsold stock is the excess of closing
stock over opening stock and its termed as ‘ Change in Stock ‘.
It means,Value of Output = Sales + Change in Stock.
Where, Change in Stock = Closing Stock – Opening Stock
9. Problem of Double Counting
In measuring the National Income, the value of only final goods and services is
to be included. However, the problem of double counting arises when value of
intermediate goods is also included along with value of final goods. Double
counting refers to counting of an output more than once while passing
through various stages of production.
10. Let us understand this through the famous example of Farmer,
Miller and Baker.
Famer : suppose, famer produces 50kg of wheat and sells it for Rs.500 to
miller (flourmill). For farmer, wheat of Rs.500 is a final product. ( If
intermediate cost for farmer to be zero, then his value added will be Rs.500)
Miller : For miller, wheat is an intermediate good. Miller converts what into
flour and sells it for Rs.700 to a baker. Now, flour Rs.700 is a final product for
the miller. (Value added by miller = 700 – 500 = Rs.200).
Baker : For baker, flour is an intermediate good. Baker manufactures bread
from flour and sells the entire bread to final consumers for Rs.1000. Bread of
Rs.1000 is a final product for the baker. (Value added by baker = 1000 – 700
= Rs.300).
11. Let us present the data in a chart :
FARMER MILLER BAKER CONSUMER
SellsWheat for
Rs.500
Sells Flour for
Rs.700
Sells Bread for
Rs.1000
Output Wheat Flour Bread
Value of
Output
Rs.500 Rs.700 Rs.1000
Value of
Input
Zero Wheat =
Rs.500
Flour =
Rs.700
Value
Added
Rs.500 Rs.200 Rs.300
12. Income Method
Income Method measures national income from the perspective of factor
income. Under this method, incomes received by all the residents of a country
for their productive services during a year are added up to obtain the national
income. According to this method, all the incomes that accrue to the factors of
production by way of wages, profits, rent, interest, etc. are summed up to
obtain the national income.
13. Expenditure Method
Factor income earned by factors of production is spent in the form of
expenditure on purchase of goods and services produced by firms.
This method measures national income as sum total of final expenditure
incurred by households, business firms, government and foreigners.
This total final expenditure is equal to gross domestic product at market
price, Final Expenditure = GDP mp.
This method is also known as ‘ Income Disposal Method’.
14. National Income Estimation in India :
National Income od India constitutes total amount of income earned by the
whole nation of our country and originated both within and outside its
territory during a particular year.The National Income Committee in its first
report wrote, “A national income estimate measures the volume of
commodities and services turned out during a given period without
duplication”.
The estimates of national income depict a clear picture about the standard of
living of the community.The national income statistics diagnose the economic
ills of the country and at the same time suggest remedies.The rate of savings
and investment in an economy also depend on the national income of the
country.
15. Estimates of National Income During the Post – Independence Period :
National Income Committee’s Estimates
After independence, the Government of India appointed the National Income
Committee in August 1946 with Prof.P.C.Mahalnobis as its Chairman and
Prof.D.R.Gadgil and Dr.V.K.R.V.Rao as its two members so as to compile a
national incomes estimates rationally on a scientific basis.The first report of
this committee was prepared in 1951.
In its first report, the total national income of the year 1948-49 was estimated
at Rs.8830 crore and the per capita income of the year was calculated at
Rs.265 per annum.The committee continued its estimation works for another
three years and the final report was published in 1954.
16. Methodology of National Income Estimation in
India :
In India, the estimation of national income is being done by two methods, i.e.,
product method and income method.
17. India’s 2020 National Income
India’s per capita net National Income or NNI was around 135 thousand
rupees in 2020.The per – capita income is a crude indicator of the prosperity
of a country. In contrast, the gross national income at constant prices stood at
over 128 trillion rupees.
18. India’s 2021 National Income
Per capita national income in India FY 2015 – 2021. India’s per capita net
national income or NNI was around 126 thousand rupees in financial year
2021. In contrast, the gross national income at contrast prices stood at over
128 trillion rupees.