Some useful information related with National Income , GDP and Growth of Economy

What is meant by National Income? National income is a money value  of all the final goods  and services produced by a country during one year What consists to calculate National Income  of a country ? It consists collection of  different types of  goods of all sizes and shapes and services of different types How can measure the value of all goods and service  produced in a  country ? Value of Goods and services  produced is measured by Money How can    easily find out the growth of country ? To find out  the growth of  an economy  by checking the  national income figures of  the country for a number of years How to calculate per capita income ? Per capita Income=  National income / Population What is meant by  GDP ? Gross Domestic  Product  is the money  value  of final  goods   and services  produced  in  the domestic  territory of a country  during an accounting year How to calculate  GDP? Per capita GDP= Gross domestic product/Population What are  the basic  economic activities ? Production,  Consumption  and Capital Formation   How to classify  the  producers  in the domestic territory ? 1.      Central Government 2.      Corporate and quasi  corporate enterprises 3.      Households (including unincorporated enterprises and private non profit institutions serving  households) What is  meant by  Public consumption expenditure ? The expenditure of the government for the production of goods and services for collective consumption  is called as  public consumption expenditure When did  the first official  estimates  of the  national  income for the Indian  Union were prepared  in India ? 1948-49 Which organization  is  related with  calculation of  National  Income of  India ? The  Central Statistical  Organization (CSO)  What is meant by  disposable income ? Income of  the nation  from  all  sources  after deduction  of all  current transfers paid. It is equivalent     to  national  income at  market prices adjusted for all  current transfers   What is meant by  Enterprise ? Ultimate unit  in institutional  classification How can simply classify  the production ? Activity which produces commodities or  increases the value of the commodities

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