It does not consider a true indicator of economic development. When goods and services produced by normal residents within and outside of a country in a year valued at constant price i. Current Affairs. Net Export X-M a. It includes depreciation. Perfect competition - Features; Determination of market equilibrium and effects of shifts in demand and supply. All product may not contribute equally to economic welfare. Undistributed corporate profit 3. Dividend iii. Welfare mean material well being of the people.
Class 12 Economics: Macroeconomics – National Income Accounting – Get here the Notes for Class 12 Economics: Macroeconomics – National Income.
Free PDF download of Class 12 Macro Economics Chapter 2 - National Income Accounting Revision Notes & Short Key-notes prepared by our expert. Download CBSE Syllabus for 12th Economics Board Exam Latest CBSE National Income and Related Aggregates.
Gross Domestic Fixed Capital Formation i.
National Income and Related Aggregates class 12 Notes Economics
But more goods and services may not necessarily indicate that the people were better off during the year. It includes the value of depreciation or consumption of fixed capital.
In other words, a higher GDP may not necessarily mean higher welfare of the people. Interest c.
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National Income and Related Aggregates class 12 Notes Economics ch-5 in PDF format for free download Latest chapter notes for CBSE.
This course explains about National Income and its related aggregates. Class 12 Board Economics Class Solving Problems of National Income.
Gross business Fixed Investment ii. Net Export X-M a. Private Final Consumption Expenditure C b. Personal Income : It refers to income received by house hold from all sources. Change in Stock or Inventory Investment 3.
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|Thus it is equal to the sum of all factor incomes compensation of employees, rent, interest, profit and mixed income of self employed generated in the domestic territory of the country.
Cost: Short run costs - total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships. It includes factor income and transfer income. There are two types of GDP:. The revision notes covers all important formulas and concepts given in the chapter.
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Scope of Economic Territory : a Political frontiers including territorial waters and airspace. Flows : Variables whose magnitude is measured over a period of time are called flow variable.
Components of NFIA : 1.
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Investment : Addition made to the physical stock of capital during a period of time is called investment. School Board.
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Part A: Introductory Microeconomics. It leads to overestimation of national income.