Macroeconomics & National Income Accounting
समष्टिगत अर्थशास्त्र तथा राष्ट्रिय आय
Circular flow of income, National Income aggregates (GDP, GNP, NNP at factor cost and market price, Personal Income, Disposable Income, Per Capita Income), nominal vs real GDP, and measurement methods.
Comprehensive study of circular flow of income, definitions and mathematical identities of GDP, GNP, NNP, National Income (NI), Personal Income (PI), Disposable Income (DI), Nominal vs Real GDP, and measurement methods.
Quick Revision Takeaways
Common Exam Pitfalls to Avoid
⚠️ Common Error: Adding transfer payments (like old age pensions) directly into National Income.
✓ Correct Approach: Transfer payments are excluded from National Income because no corresponding production occurs.
Why: Transfer payments are only added when deriving Personal Income from National Income.