National Income Accounting
Bihar Board · Class 12 · Economics
Flashcards for National Income Accounting — Bihar Board Class 12 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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Get startedWhat are final goods? Give an example.
Answer
Final goods are commodities that are meant for final use and will not pass through any more stages of production or transformation. They are ready to be consumed by the ultimate purchaser. Example: A …
Distinguish between consumer goods and capital goods.
Answer
Consumer goods are goods like food, clothing, and services like recreation that are consumed when purchased by their ultimate consumers. Capital goods are durable goods like tools, machines, and equip…
What is the difference between stocks and flows?
Answer
Stocks are variables defined at a particular point in time (like capital goods, machines in a factory). Flows are variables defined over a period of time (like income, production, profits per year). E…
Define depreciation and explain its importance in national income accounting.
Answer
Depreciation is the annual allowance for wear and tear of capital goods. It represents the cost of the capital good divided by its useful life. In national income accounting, depreciation is important…
What is value added? How is it calculated?
Answer
Value added is the net contribution made by a firm to the total production. It is calculated as: Value Added = Value of output produced by the firm - Value of intermediate goods used by the firm. It r…
Why do we avoid double counting in GDP calculation? Explain with an example.
Answer
Double counting occurs when the value of intermediate goods is counted more than once. We avoid it to get the true measure of production. Example: If a farmer produces ₹100 worth of wheat and sells ₹5…
State the formula for GDP using the product method.
Answer
GDP = Σ(Gross Value Added of all firms) GDP = Σ[Value of output - Value of intermediate goods used] Where the summation is done over all firms in the economy. This method calculates GDP by adding up t…
What is inventory? How does change in inventory affect GDP calculation?
Answer
Inventory is the stock of unsold finished goods, semi-finished goods, or raw materials that a firm carries. Change in inventory = Production - Sales. It is treated as investment and included in GDP ca…
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