National Income — Flashcards
Gujarat Board · Class 11 · Economics
25 flashcards for National Income (Gujarat Board Class 11 Economics) to test yourself on key terms and facts. Sample: "What is National Income? Provide.
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What is National Income? Provide the general meaning.
Answer
National Income is the monetary value of the total production in agriculture, industries and service sector in a country during a year. It represents the economic health and performance of an economy.
State Alfred Marshall's definition of National Income and its orientation.
Answer
Marshall's Definition (Production Based): 'The net production of physical (tangible) and non-physical (service) things by using natural wealth (land) with capital and labour in a country during the ye…
What is the difference between National Income and National Product?
Answer
National Income = Sum of income from four factors of production (Rent + Wages + Interest + Profit). National Product = Sum of total production value of final goods and services from all sectors (Agric…
Explain the circular flow of national income in a closed economy.
Answer
In a closed economy: 1) Families provide factors of production to firms 2) Firms pay rent, wages, interest, profit to families (money flow to families) 3) Firms produce goods/services using these fact…
Define Gross Domestic Product (GDP) with its key characteristics.
Answer
GDP is the market value of goods and services produced by citizens of a country and foreign citizens within a country's boundary during a year. Key features: 1) Considers production within geographica…
What is Net Domestic Product (NDP)? Provide the formula.
Answer
NDP is the value obtained after deducting depreciation from GDP. During production, capital goods like machines, buildings depreciate and need replacement. Formula: NDP = GDP - Depreciation. This give…
How does Gross National Product (GNP) differ from GDP? Give the formula.
Answer
GNP focuses on production by citizens regardless of location, while GDP focuses on production within boundaries regardless of citizenship. GNP = GDP + Net income from foreign countries (Income from ab…
Define Per Capita Income and explain its significance.
Answer
Per Capita Income = Total National Income ÷ Total Population. It represents average income per person. Example: If national income is ₹60,000 crores and population is 2 crores, per capita income = ₹30…
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