{"id":9558,"date":"2018-02-12T18:03:25","date_gmt":"2018-02-12T12:33:25","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=9558"},"modified":"2018-10-23T12:20:57","modified_gmt":"2018-10-23T06:50:57","slug":"national-income-related-aggregates-class-12-notes-economics","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/","title":{"rendered":"National Income and Related Aggregates class 12 Notes Economics"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#CBSE_Guide_National_Income_and_Related_Aggregates_class_12_Notes_Economics\" >CBSE Guide National Income and Related Aggregates class 12 Notes Economics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#12_Economics_notes_Chapter_5_National_Income_and_Related_Aggregates\" >12 Economics notes Chapter 5 National Income and Related Aggregates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#CBSE_Class_12_economics_revision_notes_chapter_5_national_income_and_related_aggregates\" >CBSE Class 12 economics revision notes chapter\u00a05 national income and related aggregates<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#Net_Investment_Gross_investment_%E2%80%93_Depreciation\" >Net Investment = Gross investment \u2013 Depreciation.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#Scope_of_Economic_Territory\" >Scope of Economic Territory :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#Domestic_Aggregates\" >Domestic Aggregates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#NATIONAL_AGGREGATES\" >NATIONAL AGGREGATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#Methods_of_Estimation_of_National_Income\" >Methods of Estimation of National Income:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#Components_of_Final_Expenditure\" >Components of Final Expenditure:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#Components_of_Domestic_Income\" >Components of Domestic Income :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#Concept_of_Value_Added_of_One_Sector_or_One_Firm\" >Concept of Value Added of One Sector or One Firm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#Limitation_of_percapita_real_GDPGDP_as_a_indicator_of_Economic_welfare\" >Limitation of percapita real GDP\/GDP as a indicator of Economic welfare :<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/#CBSE_Class-12_Revision_Notes_and_Key_Points\" >CBSE Class-12 Revision Notes and Key Points<\/a><\/li><\/ul><\/nav><\/div>\n<p>National Income and Related Aggregates class 12 Notes Economics in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides accounting for partnership firm\u2019s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. Class 12 Economics notes on chapter 5 accounting for partnership firm\u2019s fundamentals are also available for download in CBSE Guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Guide_National_Income_and_Related_Aggregates_class_12_Notes_Economics\"><\/span><strong>CBSE Guide National Income and Related Aggregates class 12 Notes Economics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CBSE guide notes are the comprehensive notes which covers the latest syllabus of CBSE and NCERT. It includes all the topics given in NCERT class 12 Economics text book. Users can download CBSE guide quick revision notes from myCBSEguide mobile app and my CBSE guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"12_Economics_notes_Chapter_5_National_Income_and_Related_Aggregates\"><\/span><strong>12 Economics notes Chapter 5 National Income and Related Aggregates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Download CBSE class 12th revision notes for chapter 5 National Income and Related Aggregate\u00a0in PDF format for free. Download revision notes for National Income and Related Aggregate\u00a0class 12 Notes and score high in exams. These are the National Income and Related Aggregate\u00a0class 12 Notes prepared by team of expert teachers. The revision notes help you revise the whole chapter 5 in minutes. Revision notes in exam days is one of the best tips recommended by teachers during exam days.<\/p>\n<p style=\"text-align: center;\"><strong>Revision Notes for Class 12 Economics <a class=\"button\" href=\"https:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/cbse-revision-notes\/7\/\">Download as PDF<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Class_12_economics_revision_notes_chapter_5_national_income_and_related_aggregates\"><\/span><b>CBSE Class 12 economics revision notes chapter\u00a05 n<\/b><b>ational income and related aggregates<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Goods :<\/strong>In economics a goods is defined as any physical object, manmade, that could command a price in the market and<b>\u00a0<\/b>these\u00a0are the materials that satisfy human wants and provide utility<\/p>\n<div>\n<p><strong>Consumption Goods :<\/strong> Those final goods which satisfy human wants directly. ex- ice-cream and milk used by the households.<\/p>\n<p><strong>Capital Goods :<\/strong>Those final goods which help in production. These goods are used for generating income. These goods are fixed assets of the producers.ex- plant and machinery.<\/p>\n<p><strong>Final Goods<\/strong> are those goods which are used either for final consumption or for investment.<\/p>\n<p><strong>Intermediate Goods <\/strong>refers to those goods and services which are used as a raw material for further production or for resale in the same year.<\/p>\n<p>These goods do not fulfill needs of mankind directly.<\/p>\n<p><strong>Investment :<\/strong>Addition made to the physical stock of capital during a period of time is called investment. It is also called capital formation.<\/p>\n<p><strong>capital formation:-\u00a0<\/strong>Change in the stock of capital is also called capital formation.<\/p>\n<p><strong>Depreciation :<\/strong>means fall in value of fixed capital goods due to normal wear and tear and expected obsolescence. It is also called consumption of fixed capital.<\/p>\n<p><strong>Gross Investment :<\/strong>Total addition made to physical stock of capital during a period of time. It includes depreciation. OR <u>Net Investment + Depreciation<\/u><\/p>\n<p><strong>Net Investment :<\/strong>Net addition made to the real stock of capital during a period of time. It excludes depreciation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Net_Investment_Gross_investment_%E2%80%93_Depreciation\"><\/span>Net Investment = Gross investment \u2013 Depreciation.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Stocks :<\/strong>Variables whose magnitude is measured at a particular point of time are called stock variables. Eg. National Wealth, Inventory etc.<\/p>\n<p><strong>Flows :<\/strong>Variables whose magnitude is measured over a period of time are called flow variable. Eg. National income, change in stock etc.<\/p>\n<p><strong>Circular flow of income :<\/strong>It refers to continuous flow of goods and services and money income among different sectors in the economy. It is circular in nature. It has neither any end and nor any beginning point. It helps to know the functioning of the economy.<\/p>\n<p><strong>Leakage :<\/strong>It is the amount of money which is withdrawn from circular flow of income. For eg. Taxes, Savings and Import.<u> It reduces aggregate demand and the level of income.<\/u><\/p>\n<p><strong>Injection :<\/strong>It is the amount of money which is added to the circular flow of income. For e.g. Govt. Exp., investment and exports. <u>It increases the aggregate demand and the level of income.<\/u><\/p>\n<p><strong>Economic Territory :<\/strong>Economic (or domestic) Territory is the geographical territory administrated by a Government within which persons, goods, and capital circulate freely.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Scope_of_Economic_Territory\"><\/span><strong>Scope of Economic Territory :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>(a) Political frontiers including territorial waters and airspace.<\/p>\n<p>(b) Embassies, consulates, military bases etc. located abroad.<\/p>\n<p>(c) Ships and aircraft operated by the residents between two or more countries.<\/p>\n<p>(d) Fishing vessels, oil and natural gas rigs operated by residents in the international waters.<\/p>\n<p><strong>Normal Resident of a country:<\/strong> is a person or an institution who normally resides in a country and whose Centre of economic interest lies in that country.<\/p>\n<p><strong>Exceptions:-<\/strong>\u00a0(a) Diplomats and officials of foreign embassy.<\/p>\n<p>(b) Commercial travellers, tourists students etc.<\/p>\n<p>(c) People working in international organizations like WHO, IMF, UNESCO\u00a0etc. are treated as normal residents of the country to which they belong.<\/p>\n<p><strong>The related aggregates of national income are:-<br \/>\n(i) Gross Domestic Product at Market price (GDP<sub>MP<\/sub>)<br \/>\n(ii) Gross Domestic Product at Factor Cost (GDP<sub>FC<\/sub>)<br \/>\n(iii) Net Domestic Product at Market Price (NDP<sub>MP<\/sub>)<br \/>\n(iv) Net Domestic Product at FC or (NDP<sub>FC<\/sub>)<br \/>\n(v) Net National Product at FC or National Income (NNP<sub>FC<\/sub>)<br \/>\n(vi) Gross National Product at FC (GNP<sub>FC<\/sub>)<br \/>\n(vii) Net National. Product at MP (NNP<sub>MP<\/sub>)<br \/>\n(viii) Gross National Product at MP (GNP<sub>MP<\/sub>)<\/strong><\/p>\n<p><strong>(i) Gross Domestic Product at Market Price : <\/strong>It is the money value of all the<br \/>\nfinal goods and services produced within the domestic territory of a country<br \/>\nduring an accounting year.<br \/>\n<strong>GDP<sub>MP<\/sub> = Net domestic product at FC (NDP<sub>FC<\/sub>) + Depreciation + Net<br \/>\nIndirect tax.<\/strong><\/p>\n<p><strong>(ii) Gross Domestic Product at FC : <\/strong>It is the value of all final goods and services<br \/>\nproduced within domestic territory of a country which does not include net<br \/>\nindirect tax.<br \/>\n<strong>GDP<sub>FC<\/sub> = GDP<sub>MP<\/sub> \u2013 Indirect tax + Subsidy<br \/>\nor GDP<sub>FC<\/sub> = GDP<sub>MP<\/sub> \u2013 NIT<\/strong><\/p>\n<p><strong>(iii) Net Domestic Product at Market Price :<\/strong> It is the money value of all final<br \/>\ngoods and services produced within domestic territory of a country during an<br \/>\naccounting year and does not include depreciation.<br \/>\n<strong>NDP<sub>MP<\/sub> = GDP<sub>MP<\/sub> \u2013 Depreciation<\/strong><\/p>\n<p><strong>(iv) Net Domestic Product at FC<\/strong> : It is the value of all final goods and services<br \/>\nwhich does not include depreciation charges and net indirect tax. Thus it is<br \/>\nequal to the sum of all factor incomes (compensation of employees, rent,<br \/>\ninterest, profit and mixed income of self employed) generated in the domestic<br \/>\nterritory of the country.<br \/>\n<strong>NDP<sub>FC<\/sub> = GDP<sub>MP<\/sub> \u2013 Depreciation \u2013 Indirect tax + Subsidy<\/strong><\/p>\n<p><strong>(v) Net National Product at FC (National Income)<\/strong> : It is the sum total of factor<br \/>\nincomes (compensation of employees + rent + interest + profit) earned by<br \/>\nnormal residents of a country in an accounting year<br \/>\nor<br \/>\n<strong>NNP<sub>FC<\/sub> = NDP<sub>FC<\/sub> + Factor income earned by normal residents from abroad\u00a0&#8211;<br \/>\nfactor payments made to abroad.<\/strong><\/p>\n<p><strong>(vi) Gross National Product at FC:<\/strong>\u00a0It is the sum total of factor incomes earned<br \/>\nby normal residents of a country along with depreciation, during an accounting<br \/>\nyear.<br \/>\n<strong>GNP<sub>FC<\/sub> = NNP<sub>FC<\/sub> + Depreciation OR<\/strong><\/p>\n<p><strong>GNP<sub>FC<\/sub> = GDP<sub>FC\u00a0<\/sub>+ NFIA<\/strong><\/p>\n<p><strong>(vii) Net National Product at MP<\/strong> : It is the sum total of factor incomes earned by<br \/>\nthe normal residents of a country during an accounting year including net<br \/>\nindirect taxes.<br \/>\n<strong>NNP<sub>MP<\/sub> = NNP<sub>FC<\/sub> + Indirect tax \u2013 Subsidy<\/strong><\/p>\n<p><strong>(viii) Gross National Product at MP <\/strong>: It is the sum total of factor incomes earned<br \/>\nby normal residents of a country during an accounting year including<br \/>\ndepreciation and net indirect taxes.<br \/>\n<strong>GNP<sub>MP<\/sub> = NNP<sub>FC<\/sub> + Dep + NIT<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Domestic_Aggregates\"><\/span><strong>Domestic Aggregates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Gross domestic Product at Market Price<\/strong><img decoding=\"async\" id=\"Picture 1\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image001.jpg\" \/>is the market value of all the final goods and services produced by all producing units located in the domestic territory of a country during an accounting year. It includes the value of depreciation or consumption of fixed capital.<\/p>\n<p><strong>Net Domestic Product at Market Price<\/strong><img decoding=\"async\" id=\"Picture 2\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image002.jpg\" \/>Depreciation (consumption of Fixed capital). It is the market value of final goods\u00a0and services produced within the domestic territory of the country during a year exclusive of depreciation.<\/p>\n<p><img decoding=\"async\" id=\"Picture 6\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image003.png\" \/>It is the factor income accruing to owners of factors of production for suppling factor services with in domestic territory during an accounting year.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"NATIONAL_AGGREGATES\"><\/span><strong>NATIONAL AGGREGATES<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Gross National Product at Market Price <\/strong><img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image004.png\" \/><strong>) <\/strong>is the market value of all the final goods and services produced by normal residents (in the domestic territory and abroad) of a country during an accounting year.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image005.png\" \/><img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image006.png\" \/><\/p>\n<p><strong>National Income <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image007.png\" \/>\u00a0:<\/strong>It is the sum total of all factors incomes which are earned by normal residents of a country in the form of wages. rent, interest and profit during an accounting year.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image008.png\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Methods_of_Estimation_of_National_Income\"><\/span><strong>Methods of Estimation of National Income:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><img decoding=\"async\" id=\"Picture 5\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image009.png\" \/><\/strong><\/p>\n<p><strong><img decoding=\"async\" id=\"Picture 10\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image010.png\" \/><\/strong><\/p>\n<p><strong><img decoding=\"async\" id=\"Picture 13\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image011.png\" \/><\/strong><\/p>\n<p><strong><img decoding=\"async\" id=\"Picture 14\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image012.png\" \/><\/strong><\/p>\n<p><strong><img decoding=\"async\" id=\"Picture 16\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image013.png\" \/><\/strong><\/p>\n<p><strong>National Income at Current Prices : <\/strong>It is also called nominal National income. When goods and services produced by normal residents within and outside of a country in a year valued at current years prices i.e. current prices is called national income at current prices.<\/p>\n<p>Y = Q x\u00a0P<\/p>\n<p>Y = National income at current prices<\/p>\n<p>Q = Quantity of goods and services produced during an accounting year<\/p>\n<p>P = Prices of goods and services prevailing during the current accounting year<\/p>\n<p><strong>National Income at Constant Prices :<\/strong>It is also called as real national income. When goods and services produced by normal residents within and outside of a country in a year valued at constant price i.e. base year&#8217;s price is called National Income at Constant Prices.<\/p>\n<p>Y&#8217; = Q x\u00a0P&#8217;<\/p>\n<p>Y&#8217; = National income at constant\u00a0prices<\/p>\n<p>Q = Quantity of goods and services produced during an accounting year<\/p>\n<p>P&#8217; = Prices of goods and services prevailing during the base year<\/p>\n<p><strong>Value of Output :<\/strong>Market value of all goods and services produced by an enterprise during an accounting year.<\/p>\n<p><strong>Value added :<\/strong>It is the difference between value of output of a firm and value of inputs bought from the other firms during a particular period of time.<\/p>\n<p><strong>Problem of Double Counting :<\/strong>Counting the value of a commodity more than once while estimating national income is called double counting. It leads to overestimation of national income. So, it is called problem of double counting.<\/p>\n<p>Ways to solve the problem of <strong>double counting<\/strong>.<\/p>\n<p>(a) By taking the value of only final goods.<\/p>\n<p>(b) By value added method.<\/p>\n<p>Components of <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image014.png\" \/>Added by all 3 sectors<\/p>\n<p>1. Value Added by Primary Sector(=VO-IC)<\/p>\n<p>2. Value Added by Secondary Sector(=VO-IC)<\/p>\n<p>3. Value Added by Tertiary Sectors(=VO-IC)<\/p>\n<p>Hints<\/p>\n<p>VO=Value of output<\/p>\n<p>IC=Intermediate Consumption<\/p>\n<p>VO=Price X quantity OR<\/p>\n<p>Sales + Change in stock<\/p>\n<p>(Change in stock = Closing Stock &#8211; Opening Stock)<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Components_of_Final_Expenditure\"><\/span><strong>Components of Final Expenditure:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>1. Final Consumption Expenditure<\/p>\n<p>a. Private Final Consumption Expenditure(C)<\/p>\n<p>b. Government Final Consumption Expenditure(G)<\/p>\n<p>2. Gross Domestic Capital Formation<\/p>\n<p>a. Gross Domestic Fixed Capital Formation<\/p>\n<p>i. Gross business Fixed Investment<\/p>\n<p>ii. Gross Residential Construction Investment<\/p>\n<p>iii. Gross public Investment<\/p>\n<p>b. Change in Stock or Inventory Investment<\/p>\n<p>3. Net Export(X-M)<\/p>\n<p>a. Export(X)<\/p>\n<p>b. Import(M)<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Components_of_Domestic_Income\"><\/span><strong>Components of Domestic Income :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>1. Compensation of Employees<\/p>\n<p>a. Wages and salaries(Cash\/or kinds)<\/p>\n<p>b. Employers Contribution of Social security Schemes<\/p>\n<p>2. Operating surplus<\/p>\n<p>a. Rent<\/p>\n<p>b. Interest<\/p>\n<p>c. Profit<\/p>\n<p>i. Corporate Tax<\/p>\n<p>ii. Dividend<\/p>\n<p>iii. Undistributed corporate profit<\/p>\n<p>3. Mixed Income for self-Employed person<\/p>\n<p><strong>Net Factor Income<\/strong> from Abroad NFIA = It is difference between factor income received\/earned by normal residents of a country and factor income paid to non-residents of the country.<\/p>\n<p>Components of NFIA :<\/p>\n<p>1. Net Compensation of Employees<\/p>\n<p>2. Net Income from Property and entrepreneurship<\/p>\n<p>3. Net Retained earning of resident companies abroad<\/p>\n<p>Hints :NFIA : Net Factor Income Earned from Abroad.<\/p>\n<p>NFIA = Factor Income Received from Abroad.<\/p>\n<p>\u2013Factor Income Paid to Abroad.<\/p>\n<p>OR<\/p>\n<p>NFIA = Net compensation of Employees<\/p>\n<p>Net income from property and entrepreneurship.<\/p>\n<p>+ Net retained earning of resident companies abroad.<\/p>\n<p><strong>Net National Disposable Income (NNDI): <\/strong>It is defined as net national product at Market price <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image015.png\" \/>\u00a0plus net current transfer from rest of the world.<\/p>\n<p>NNDI = NNP<sub>MP<\/sub><\/p>\n<p>+ Net current transfers from rest of the world.<\/p>\n<p>=National income + net indirect tax + net current transfers from the rest of the world.<\/p>\n<p><strong>Gross National Disposable Income<\/strong> (Gross NDI <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image016.png\" \/>\u00a0+ Net current Transfers from rest of the world.<\/p>\n<p><strong>Net National Disposable Income<\/strong> (Net NDI) <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image017.png\" \/>\u00a0+ Net current Transfers from rest of the world.<\/p>\n<p>OR<\/p>\n<p>= Gross NDI \u2013 Depreciation.<\/p>\n<p><img decoding=\"async\" id=\"Picture 9\" class=\"alignnone\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image018.png\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Concept_of_Value_Added_of_One_Sector_or_One_Firm\"><\/span><strong>Concept of Value Added of One Sector or One Firm<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>1. Value output = Sales + Change in Stock. or value of output = price \u00d7 qty. sold + \u0394S.<br \/>\n2. Gross value added at market price <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image019.png\" \/>\u00a0= Value of output \u2013 Intermediate consumption.<br \/>\n3. Net value added at market price <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image020.png\" \/>\u00a0= <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image021.png\" \/>\u2013 Depreciation.<br \/>\n4. Net value added at factor cost <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image022.png\" \/>\u00a0= <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image023.png\" \/>\u2013 Net indirect tax.<br \/>\nNote: By adding up <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image024.png\" \/>of all the sectors, we get <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image025.png\" \/>or Domestic Income.<br \/>\n<strong>Personal Disposable Income from National Income <img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image006.png\" \/><\/strong><\/p>\n<p><img decoding=\"async\" id=\"Picture 11\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image026.png\" \/><\/p>\n<p><strong>Private Income :<\/strong>Private income is estimated income of factor and transfer incomes from all sources to private sector within and outside the country.<br \/>\n<strong>Personal Income :<\/strong>It refers to income received by house hold from all sources. It includes factor income and transfer income.<br \/>\n<strong>Personal Disposable Income :<\/strong>It is that part of Personal income which is available to the households for disposal as they like.<br \/>\n<strong>GDP and Welfare :<\/strong><br \/>\nIn general GDP and Welfare are directly related with each other. A higher GDP implies that more production of goods and services. It means more availability of goods and services. But more goods and services may not necessarily indicate that the people were better off during the year. In other words, a higher GDP may not necessarily mean higher welfare of the people. There are two types of GDP:<\/p>\n<p><strong>Real GDP :<\/strong> When the goods and services are produced by all producing units in the domestic territory of a country during an a\/c. year and valued these at base year\u2019s prices or constant price, it is called real GDP or GDP at constant prices. It changes only by change in physical output not\u00a0by change price level. It is called a true indicator of economic development.<\/p>\n<p><strong>Nominal GDP :<\/strong> When the goods and services are produced by all producing units in the domestic territory of a country during an a\/c. year and valued these at current year\u2019s prices or current prices, it is called Nominal GDP or GDP at current prices. It is influenced by change in both physical output and price level. It does not consider a true indicator of economic development.<\/p>\n<p><img decoding=\"async\" id=\"Picture 12\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/revise\/12\/eco\/ch05\/image027.png\" \/><\/p>\n<p>Price index plays the role of deflator deflating current price estimates into constant price estimates. In this way it may be called GDP deflator.<\/p>\n<p><strong>Welfare<\/strong> mean material well being of the people. It depends on many economic factors like national income, consumption level quality of goods etc and non-economic factor like environmental pollution, law and order etc. the welfare which depends on economic factors is called economic welfare and the welfare which depends on non-economic factor is called non-economic welfare. The sum total of economic and non-economic welfare is called social welfare. Conclusion thus GDP and welfare directly related with each other but this relation is incomplete because of the following reasons.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Limitation_of_percapita_real_GDPGDP_as_a_indicator_of_Economic_welfare\"><\/span><strong>Limitation of percapita real GDP\/GDP as a indicator of Economic welfare :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Non-monetary exchange<br \/>\nExternalities not taken into GDP but it affects welfare.<br \/>\nDistribution of GDP.<br \/>\nAll product may not contribute equally to economic welfare.<br \/>\nContribution of some products may be negative.<br \/>\nInflation may give falls impression of growth of GDP.<strong>\u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/strong><\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Class-12_Revision_Notes_and_Key_Points\"><\/span><strong>CBSE Class-12 Revision Notes and Key Points<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>National Income and Related Aggregates class 12 Notes Economics. CBSE quick revision note for class-12 Chemistry Physics Math\u2019s, Economics and other subject are very helpful to revise the whole syllabus during exam days. The revision notes covers all important formulas and concepts given in the chapter. Even if you wish to have an overview of a chapter, quick revision notes are here to do if for you. These notes will certainly save your time during stressful exam days.<\/p>\n<ul>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physics\/1251\/cbse-revision-notes\/7\/\">Physics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-chemistry\/1267\/cbse-revision-notes\/7\/\">Chemistry<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-mathematics\/1284\/cbse-revision-notes\/7\/\">Mathematics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-biology\/1298\/cbse-revision-notes\/7\/\">Biology<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-accountancy\/1315\/cbse-revision-notes\/7\/\">Accountancy<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/cbse-revision-notes\/7\/\">Economics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-business-studies\/1727\/cbse-revision-notes\/7\/\">Business Studies<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-computer-science\/1851\/cbse-revision-notes\/7\/\">Computer Science<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-informatics-practices\/1873\/cbse-revision-notes\/7\/\">Informatics Practices<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-english-core\/1855\/cbse-revision-notes\/7\/\">English Core<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-history\/1869\/cbse-revision-notes\/7\/\">History<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physical-education\/1877\/cbse-revision-notes\/7\/\">Revision Notes for class-12 Physical Education<\/a><\/li>\n<\/ul>\n<p>To download National Income and Related Aggregate class 12 Notes Economics, sample paper for class 12 Physics, Chemistry, Biology, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT National Income and Related Aggregate\u00a0, NCERT Exemplar National Income and Related Aggregate\u00a0, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n<ul>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/introduction-micro-economics-class-12-notes-economics\/\">Introduction to Micro Economics class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/consumers-equilibrium-demand-class-12-notes-economics\/\">Consumers Equilibrium &amp; Demand class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/producer-behaviour-supply-files-class-12-notes-economics\/\">Producer behaviour and Supply files class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/forms-market-price-determination-class-12-notes-economics\/\">Forms of Market and Price Determination class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregate-class-12-notes-economics\/\">National Income and Related Aggregate class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/money-banking-class-12-notes-economics\/\">Money and Banking class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/determinations-income-employment-class-12-notes-economics\/\">Determinations of Income and Employment class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/government-budget-economy-class-12-notes-economics\/\">Government Budget and Economy class 12 Notes Economics<\/a><\/li>\n<li class=\"entry-title\"><a href=\"https:\/\/mycbseguide.com\/blog\/balance-payment-class-12-notes-economics\/\">Balance of Payment class 12 Notes Economics<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>National Income and Related Aggregates class 12 Notes Economics in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides accounting for partnership firm\u2019s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. Class 12 Economics &#8230; <a title=\"National Income and Related Aggregates class 12 Notes Economics\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/national-income-related-aggregates-class-12-notes-economics\/\" aria-label=\"More on National Income and Related Aggregates class 12 Notes Economics\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":9547,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,456],"tags":[457,150,650,426,240],"class_list":["post-9558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbse-class-12","category-revision-notes","tag-cbse-notes","tag-cbse-notes-and-key-points","tag-economics-notes","tag-quick-revision","tag-quick-revision-notes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Income and 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