Measuring The Economy And The Circular Flow
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This document discusses key concepts related to measuring a nation's economy, including: 1) Gross Domestic Product (GDP) measures the total market value of goods and services produced in a country in a year. It can be calculated using expenditure, income, or production approaches. 2) GDP only includes final goods and services sold to end users and excludes intermediate goods to avoid double counting. 3) National income accounts track GDP and the circular flow of spending and income between households, firms, and the government. 4) While GDP provides a useful measure, it has limitations such as excluding non-market activities and failing to account for environmental and social costs. Price indexes are used to adjust GDP for
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The Indian economy can be classified into various sectors based on ownership, working conditions, and nature of activity. It can be divided into primary, secondary, tertiary, organized, unorganized, public, and private sectors. The primary sector involves extraction of raw materials from nature like agriculture and mining. The secondary sector involves manufacturing and industrial production by processing raw materials. The tertiary sector provides intangible services like finance, IT, and telecommunications. Over time, the share of agriculture in GDP and employment has decreased while services have increased, though many remain employed in agriculture.
SECTORS OF INDIAN ECONOMY CBSE CLASS NOTES 10
This document contains class notes on the sectors of the Indian economy from an Economics class. It discusses the three main sectors - primary, secondary and tertiary - and how their relative contributions to GDP and employment have changed over time in India. While the tertiary sector's share of GDP has increased, the primary sector remains the largest employer due to insufficient job creation in other sectors. It also covers topics like disguised unemployment, organized vs unorganized sectors, and policies to promote employment.
Features of Indian Economy
India has a low per capita income of around $3,600 according to 2010 estimates, ranking around 138-142 globally. There are large disparities between states, with Bihar having around $456 per capita versus $11,688 for Delhi. While India has one of the fastest growing economies, around 41.6% live below the international poverty line of $1.25 per day and poverty reduction has been uneven across states. Kerala and Goa have the lowest poverty rates while Uttar Pradesh has the highest with around 70% of people in poverty.
Gross domestic product
Gross Domestic Product is the market value of all final goods and services produced domestically in a country in a year
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Measuring The Economy And The Circular Flow
- 12. Exhibit 1: Computation of Value Added for a New Desk The value added by each firm equals the firm’s selling price minus the amount paid for inputs from other firms. The value added at each stage represents income to individual resource suppliers at that state The sum of the value added at all stages equals the market value of the final good and the value added for all final goods and services equals GDP based on the income approach Cost of Sale Intermediate Value Stage of Value Goods Added Production (1) (2) (3) Logger $ 20 $ 20 Miller 50 $ 20 30 Manufacturer 120 50 70 Retailer 200 120 80 Market Value of Final Good $200
- 27. Exhibit 3: A Price Index (base year = 2003) Price of Bread Price of Bread in Current Year in Base Year Price Index Year (1) (2) (3) = (1)/(2)x100 2003 $1.25 $1.25 100 2004 1.30 1.25 104 2005 1.40 1.25 112 For base year 2003, we divide the base price of bread by itself, $1.25 / $1.25 price index for 2003 equals 1 100 = 100 the price index in the base year is always 100. The price index for 2004 is $1.30 / $1.25 = 1.04, which when multiplied by 100 = 104, and for 2005 it is 112. Thus, the index is 4% higher in 2004 than in the base year, and 12% higher in 2005 than in the base year.
- 30. Exhibit 4 Consumer Price Index Prices in Cost of Basket Good or Current Year in Base Year Service (4) (5) = (1) x (4) Twinkies $ 0.79 $ 288.35 Fuel Oil 1.50 750.00 Cable TV 30.00 360.00 $1,398.35 Notice in column (4) that not all prices have changed by the same percent since the base year. The cost of purchasing this same market basket in the current year is $1,398.35 as seen in column (5) To compute the price index for the current year, divide the total cost in the current year by the total cost of the same basket in the base year ($1,398.35 / $1,184.85) then multiply by 100, resulting in a price index of 118. Between the base year and the current year, the “cost of living” increased by 18%
- 35. Exhibit 5: U.S. Gross Domestic Product in Current Dollars and Chained 2000 Dollars