Fundamentals of National income
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Transcript of Fundamentals of National income
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National IncomeConcepts and Measurement
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Concepts related to National Product and National Income
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Gross Domestic Product at MP
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Features of GDP AT MP
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Gross National Product at MP
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Net National Product at MP
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Net national product at market price
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Net Domestic Product at MP
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Net Domestic Product at MP
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Net Domestic Income / Net Domestic Product at Factor Cost
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Gross Domestic Income /Gross Domestic Product at Factor Cost
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Net National Product at factor cost or National Income
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Income from Net Domestic Product accruing to Private Sector
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Private Income
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Personal Income
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Disposable Income
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Measurement of national income
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Income Method
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Components of Income
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Net National Income = Compensation of Employees + Operating Surplus Mixed (W+R+P+I) + Net Income + Net factor income from abroad
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Product Method
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Problem of double counting.
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Value Added
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Expenditure Method
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Structure of National Product in terms of components of final expenditure
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National Income = National Product= National Expenditure
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Difficulties in the measurement
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Per Capita Income