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National Income

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INTRODUCTION National Income provides a comprehensive measure of the economic activities of a nation. It denotes the country’s purchasing power. The growth of an economy is measured by the rate at which its real national income grows over time. National income thus serves as an instrument of economic planning. MEANING OF NATIONAL INCOME National Income means the total monetary value of all final goods and services produced in a country during a particular period (one year). It is also the sum of incomes earned by the residents of the country from the factor services rendered to the production units both within and outside the geographical boundaries of the country. The term “residents” here refers to those individuals (and institutions) whose economic interest lies in the country in which they live (or are located). By economic interest, we mean we mean the basic economic activities of production, consumption, and investment. For Example: Mr. Zen may or...
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Economics

Introduction The term ‘Economics’ is derived from the Greek term ‘Oikonomikos’- ‘Oikos’ means “households” and ‘nomos’ means “management”. This gives the meaning of Economics as ‘management of the households’. It is the study of how goods and services are produced, distributed, and consumed. Significance of the subject It analyzes how a society’s institutions and technology affect prices and the allocation of resources among different uses. It explores the behavior of the financial markets, including interest rates and stock prices. It examines the distribution of income and suggests ways that the poor can be helped without harming the performance of the economy. It studies the patterns of trade among nations and analyses the impact of trade barriers. It looks at growth in developing countries and proposes ways to encourage the efficient use of resources. It is a science that deals with scarcity. FOUR DEFINITIONS OF ECONOMICS From Adam Smith’s Wealth Definition Meaning: In his famous b...
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Map: India

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India, the seventh-largest country globally, is known for its rich heritage and diverse culture. It is the largest democracy in the world. Three water bodies surround it The Indian Ocean The Arabian Sea The Bay of Bengal The new map of India depicts 28 states 8 Union Territories that include the National Capital Territory of Delhi. Jammu And Kashmir Ladakh National Capital Territory Of Delhi Dadra & Nagar And Daman & Diu Chandigarh Andaman And Nicobar Pondicherry Lakshadweep The locations of neighbouring countries are as follows  Pakistan Afghanistan China Nepal Bhutan Bangladesh Myanmar
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Location: India
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