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
Human Development Index (HDI) and other Indices of UNDP
United Nations Development Programme publishes Human Development Index as a part of their Human Development Report. While publishing HDI they consider important factors such as Health Life expectancy at the time of birth Education Expected years of Schooling for a school age children Mean years of prior schooling attained for an adult aged 25 years or older … Continue reading Human Development Index (HDI) and other Indices of UNDP
Gross Domestic Product (GDP)
What is Gross Domestic Product (GDP)? Gross Domestic Product is defined as the total market value of all final goods and services produced in a year in a domestic territory of a country. The word “domestic” in Gross Domestic Product pertains to the fact that only the goods and services produced within a country are counted… Continue reading Gross Domestic Product (GDP)
