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National Income - Economics, UPSC IAS Exam Preparation Video Lecture | Indian Economy (Prelims) by Shahid Ali
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FAQs on National Income - Economics, UPSC IAS Exam Preparation Video Lecture - Indian Economy (Prelims) by Shahid Ali
| 1. What is national income and why is it important in economics? |  |
Ans. National income refers to the total value of goods and services produced within a country's borders in a specific period, usually a year. It is an important concept in economics as it provides a measure of a country's economic performance and standard of living. National income data helps policymakers, economists, and researchers in analyzing and formulating economic policies, understanding income distribution, and comparing the economic growth of different countries.
| 2. How is national income calculated? | |
Ans. National income can be calculated using different methods, including the income, expenditure, and production approaches. The income approach sums up all the incomes earned by individuals and businesses, such as wages, profits, rents, and interest. The expenditure approach calculates national income by summing up all the spending on goods and services within the economy. The production approach measures national income by adding up the value of all final goods and services produced in different sectors of the economy.
| 3. What are the components of national income? | |
Ans. National income consists of various components, including wages and salaries, profits, rents, interest, and mixed income. Wages and salaries represent the income earned by individuals through their employment. Profits refer to the income earned by businesses after deducting expenses. Rents are the income earned from the use of land and property. Interest represents the income earned from lending money or capital. Mixed income includes the income earned by self-employed individuals.
| 4. How does national income affect the standard of living? | |
Ans. National income is closely linked to the standard of living as it reflects the overall economic activity and wealth of a country. Higher national income generally indicates a higher standard of living, as it implies greater availability of goods and services, higher wages, and improved infrastructure and public services. However, national income alone may not provide a complete picture of the standard of living, as it doesn't consider income distribution, inequality, or non-monetary factors such as quality of life and social well-being.
| 5. What are the limitations of using national income as a measure of economic performance? | |
Ans. While national income is a useful measure, it has certain limitations. Firstly, it doesn't account for non-market activities, such as household production or volunteer work, which contribute to the overall well-being but are not included in the measured national income. Secondly, it doesn't capture income distribution and inequality within the society. Additionally, national income fails to consider externalities, such as environmental costs or social well-being. Finally, national income alone may not reflect the overall welfare or happiness of the population, as it only measures monetary aspects of the economy.
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