Personal Disposable Income refers to the income that is available to the households that they can spent as they wish. All the Personal Income is not available to individuals to spend. They have to pay taxes (e.g. – Income tax) and non-tax payment such as fines. The formula for Personal Disposable Income is Personal Disposable Income (PDI) ≡ PI… Continue reading Personal Disposable Income
Author: ForumIAS
Personal Income
Personal Income is the part of National Income which is received by the households. The formula for calculating Personal Income (PI) is Personal income (PI) ≡ National Income – Undistributed profits(profits utilised by manufacturers for further production) – Net interest payments made by households – Corporate tax + Transfer payments to the households from the government… Continue reading Personal Income
National Income (Net National Income at Factor Cost)
National Income The Net National Product at factor cost is known as National Income (as mentioned in the class XI NCERT) NNP (@Factor Cost) = National Income = NNP (@Market Price) – Taxes + Subsidies Note: However, the Central Statistics Office (CSO) under the Ministry of Statistics and Program Implementation defines National Income of India as Net… Continue reading National Income (Net National Income at Factor Cost)
Net National Product (NNP)
What is Depreciation? Factors of production under go wear and tear. This wear and tear is called Depreciation. For Ex : Consider a water bottle manufacturer who has a bottle-cap manufacturing machine. By producing water bottle cap all over the year the machine may face any failure due to repairs and the manufacturer might service the machine and changed the repaired part. This is called wear and tear. A… Continue reading Net National Product (NNP)
Environment Quiz: International Environmental Conventions | Dec 1,2020
Good Morning Friends, We are Posting Today’s Prelims Marathon [WpProQuiz 1919]
Gross National Product (GNP)
GNP is another measure for National Income of the country. Indian economy is not closed economy but an open economy. India has transactions with the rest of the world in the form of exports, imports loans etc. This give rise to the concept of national or domestic Income. In case of GDP, we calculate the… Continue reading Gross National Product (GNP)
10 PM Current Affairs Quiz: November 30, 2020
Good Evening Friends, We are posting today’s 10pm Current Affairs Quiz [WpProQuiz 1920]
9 PM Daily Brief – November 30, 2020
Good evening dear reader Here is our 9pm current affairs brief for you today GS 2 Biden’s nominations for key national security posts GS 3 Paris Agreement goals are not enough Farmers Agitation Vaccination policy 9 PM for Preliminary examination FACTLY Biden’s nominations for key national security posts Source: The Hindu Gs2: Effect of Policies… Continue reading 9 PM Daily Brief – November 30, 2020
Why Farmers are protesting and what is MSP system?
Farmer’s protests is not a new phenomenon in India, but in recent years, the frequency of protests has been increased. Major protests reported from states like Madhya Pradesh, Bihar, and UP. A look at the timeline of farmers’ protest over the last 10 years shows that the minimum support price (MSP) for various crops has… Continue reading Why Farmers are protesting and what is MSP system?
Drawbacks of measuring economic growth in GDP
Although the GDP is a pretty good indicator of the economy, there are some disadvantages of the GDP, including the concepts that the GDP does not take into consideration. Rising GDP of a country does not necessarily mean the rise in the welfare of citizens. This is because the rise in GDP may be concentrated in the… Continue reading Drawbacks of measuring economic growth in GDP
