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Yogita Ingle 5 years, 5 months ago
TYPES OF ECONOMY
Centrally planned economy
- It is the economic system where all the decisions are made by the government and not by the interaction between consumers and business.
Market Economy
- Market Economy is free economy in which central problems are solved by the market forces of demand and supply.
Mixed Economy
- Mixed Economy=Planned Economy + Market Economy.
- Central problems are not only taken on the basis of social considerations but also on the basis of social considerations E.g. India/US are some of the examples of Mixed economy
- It is also known as dual economy.
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Yogita Ingle 5 years, 5 months ago
Commercial Banks: Commercial Banks are financial institution who accepts deposits from the public and provide loans facilities for investment with the aim of earning profit.
Central Banks: The central Bank is the apex institution of monetary and financial system of a country. It makes monetary policy of the country in public interest. It manages, supervises and facilitates the banking system of the country.
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Economic problem. The economic problem – sometimes called the basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. It assumes that human wants are unlimited, but the means to satisfy human wants are scarce.
The other central problem of an economy relates to full utilisation of resources- land, labour, capital. ... Similarly in our agricultural land we still grow only one crop in a year. This is not a good sign, as the resources are already scarce.
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Yogita Ingle 5 years, 5 months ago
Final goods
(i) The goods which are used either for final consumption or for capital formation.
(ii) The value of final I goods is included in the national income.
(iii) Example, television, bread or bakery products, etc.
Intermediate goods
(i) The goods which are used up in producing the final goods and services.
(ii) The value of intermediate goods is not included in the national income.
(iii) Example, flour, cotton, etc.
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Yogita Ingle 5 years, 5 months ago
|
Domestic Income (NDPFC) |
Factor Income (NNPFC) |
|
Domestic income is the sum total of factor incomes generated within the domestic territory of a country no matter who generates this income either residents or non-residents. |
Factor income is the sum total of factor incomes generated by residents of a country, no matter where this income is generated either with in the domestic territory or in rest of the world. |
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It does not include net factor income from abroad. |
It includes net factor income from abroad. |
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Methods of Calculating National Income
(i) Income method
(ii) Expenditure method
(iii) Product method or value added method or output method
Income Method By this method, the total sum of the factor payments received during a given period is estimated to obtain the value of Domestic Income. Depending on the way, the income is earned.
It can be classified into following components:
(i) Compensation of employees
(ii) Operating surplus (rent, profit and interest)
(iii) Mixed income of self-employed
Computation of National Income (By Income Method)
Expenditure Method By this method, the total sum of expenditures on the purchase of final goods and services produced during an accounting year within an economy is estimated to obtain the value of domestic income.
Final Expenditure It is the expenditure on the purchase of final goods and services during an accounting year. It is broadly classified into four categories:
(i) Private final consumption expenditure.
(ii) Government final consumption expenditure.
(iii) Investment expenditure or gross domestic capital formation.
(iv) Net exports, i.e. difference between exports and imports during an accounting year.
7. Computation of National Income (By Expenditure Method)
Value Added Method/Product Method/Output Method By this method, the total value of all the final goods and services produced in an economy during a given time period are estimated to obtain the value of domestic income.
Computation of National Income (By Value Added Method)
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Sonu Juneja 5 years, 5 months ago
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