Measures of National Income
Measures Of National Income
There are a number of measures pertaining to national income and methods of measurement relating to them:
(A) Gross Domestic Product (GDP):
GDP is the total value of goods and services produced within the country during a year. It is defined as the market value of the output of final goods and services produced in the domestic territory of a country during an accounting year. There are three different ways to measure GDP - Product Method, Income Method and Expenditure Method.
(B) GDP at Factor Cost:
GDP at factor cost is the sum of net value added by all producers within the country. GDP at Factor Cost = Net Domestic Product at Factor Cost + Depreciation
(C) Net Domestic Product (NDP):
NDP is the value of net output of the economy during the year. Net Domestic Product GDP at Factor Cost - Depreciation
(D) Nominal and Real GDP:
When GDP is measured on the basis of current price, it is called GDP at current prices or nominal GDP. On the other hand, when GDP is calculated on the basis of fixed prices in some year, it is called GDP at constant prices or real GDP.
(E) GDP Deflator:
GDP deflator is an index of price changes of goods and services included in GDP.
(F) Gross National Product (GNP):
GNP is the total measure of the flow of goods and services at market value resulting from current production during a year in a country, including net income from abroad.
(G) Net National Product (NNP):
NNP includes the value of total output cf consumption goods and investment goods. But the process of production uses up a certain amount of fixed capital. Some fixed equipment wear out, its other components are damaged or destroyed, and still others are rendered obsolete through technological changes.
(H) Domestic Income:
Income generated (or earned) by factors of production within the country from its own resources is called domestic income or domestic product.
(I) Per Capita Income:
The average income of the people of a country in a particular year is called Per Capita Income that year. This concept also refers to the measurement of income at current prices and at constant prices.
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A marvelous experience with Abhyas. I am glad to share that my ward has achieved more than enough at the Ambala ABHYAS centre. Years have passed on and more and more he has gained. May the centre flourish and develop day by day by the grace of God.
Archit Segal
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8thIn terms of methodology I want to say that institute provides expert guidence and results oriented monitering supplements by requsite study material along with regular tests which help the students to improve their education skills.The techniques of providing education helps the students to asses...
Aman Kumar Shrivastava
10thAbhyas institute is one of the best coaching institute in the vicinity of Ambala cantt.The institute provides good and quality education to the students.The teachers are well experienced and are very helpful in solving the problems. The major advantages of the institute is extra classes for weak...
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10thAbhyas institute is one of the best coaching institute in the vicinity of Ambala Cantt area. The teachers of the institute are well experienced and very helpful in solving the problems of the students.The good thing of the institute is that it is providing extra classes for the students who are w...
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7thThird consective year,my ward is in Abhyas with nice experience of admin and transport support.Educational standard of the institute recumbent at satisfactory level. One thing would live to bring in notice that last year study books was distributed after half of the session was over,though study ...
