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Paer

In: Business and Management

Submitted By sri0589
Words 3320
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National Income in India,
Concept and Measurement
General Economics

National Income
• National income is the money value of all the final goods and services produced by a country during a period of one year.
National income consists of a collection of different types of goods and services of different types. General Economics: National Income in
India, Concept & Measurement

2

National Income
• Since these goods are measured in different physical units it is not possible to add them together. Thus we cannot state national income is so many millions of meters of cloth.
Therefore, there is no way except to reduce them to a common measure.
This common measure is money.
General Economics: National Income in
India, Concept & Measurement

3

Basic Concepts in National income
• Gross domestic product
• Gross domestic product at constant price and at current price
• Gross domestic product at factor cost and Gross domestic product at market price

General Economics: National Income in
India, Concept & Measurement

4

Basic Concepts in National income





Net domestic product
Gross national product
Net national Product
Net national product at factor cost or national income

General Economics: National Income in
India, Concept & Measurement

5

Gross Domestic Product
• Gross domestic product is the money value of all final goods and services produced in the domestic territory of a country during an accounting year.
General Economics: National Income in
India, Concept & Measurement

6

Gross Domestic Product at Constant price and Current price

• GDP can be estimated at current prices and at constant prices. If the domestic product is estimated on the basis of the prevailing prices it is called gross domestic product at current prices.
General Economics: National Income in
India,…...

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