What is the difference between Gross Vs Net Terms used in economy? Production factors such as machines, equipment, tools, factory buildings, tractors etc. depreciate over a period of time during the process of production. It may be the case that after certain time these capital goods needs replacement. The capital used for the this wear… Continue reading Difference between Gross Vs Net Terms used in economy
Author: ForumIAS
Private Income
Private income is the total of factor incomes and transfer incomes received from all sources by private sector (private enterprise and households) within and outside the country. The formula for Private Income is Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income… Continue reading Private Income
National Disposable Income
National Disposable Income is the sum of the disposable incomes of all resident and institutional units. National Disposable Income gives us an idea of what is the maximum amount of goods and services the domestic economy has at its disposal The formula for National Disposable Income is National Disposable Income = Net National Product at market prices… Continue reading National Disposable Income
Dilli chalo farmer’s protest
Context- Farmers from all over the country are protesting seeking the repeal of the new farm laws. What is Farmers’ Produce Trade and Commerce [FPTC] Act, 2020? Break the monopoly- It allows intra-state and inter-state trade of farmers produce beyond the physical premises of Agricultural Produce and Livestock Market Committee (APMC) markets. State will be now prohibited from levying any market… Continue reading Dilli chalo farmer’s protest
Inequality in education system
Context: Aishwarya Reddy’s death points finger at an education system that turns a blind eye to inequality. Background Recently a young student, Aishwarya Reddy from Lady Shri Ram College, died by suicide. The girl from a poor family took her life due to her inability to buy gadgets required by her to continue her online… Continue reading Inequality in education system
Aspects of vaccine distribution
Context: Aspects of vaccine distribution. Background The World Health Organisation (WHO) declared the COVID-19 a pandemic in march 2020 and the most optimistic prediction for a vaccine to be available was by the middle of 2021. Now, the labs around the world are working faster than anticipated and the first vials of a vaccine are likely… Continue reading Aspects of vaccine distribution
Ayurveda and patient safety
Context: Efficacy of Ayurveda to incorporate surgical techniques. What are the requirements for conducting a successful surgery? Apprenticeship is the key: Surgery in the present era is an interdisciplinary effort. This is one branch of medicine where knowledge can only be acquired through apprenticeship that is, the learner needs to be guided by an expert A well-trained… Continue reading Ayurveda and patient safety
Personal Disposable Income
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
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)
