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Introductory Macroeconomics: National Income Accounting Video Lecture | NCERT Video Summary: Class 6 to Class 12 (English) - UPSC
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FAQs on Introductory Macroeconomics: National Income Accounting Video Lecture - NCERT Video Summary: Class 6 to Class 12 (English) - UPSC
| 1. What is national income accounting? |  |
Ans. National income accounting is a method used to measure and analyze a country's economic performance. It involves tracking the flow of income, production, and expenditure within an economy over a specific period of time.
| 2. Why is national income accounting important in macroeconomics? | |
Ans. National income accounting provides valuable information about the overall health and performance of an economy. It helps policymakers, economists, and analysts to understand the size, growth, and distribution of a country's income, which in turn can inform decisions on fiscal and monetary policies.
| 3. What are the key components of national income accounting? | |
Ans. The key components of national income accounting include gross domestic product (GDP), gross national income (GNI), personal income, disposable income, and national savings. GDP represents the total value of goods and services produced within a country's borders, while GNI measures the income earned by a country's residents, including income from abroad.
| 4. How is national income calculated? | |
Ans. National income can be calculated using different approaches, such as the expenditure approach, income approach, and production approach. The expenditure approach sums up the total spending on goods and services, including consumption, investment, government spending, and net exports. The income approach calculates national income by summing up all the income earned by individuals and businesses within the economy. The production approach measures national income by adding up the value added at each stage of production.
| 5. What are the limitations of national income accounting? | |
Ans. National income accounting has certain limitations. It may not accurately capture the informal or underground economy, such as unreported income and illegal activities. It also fails to account for non-market activities like household work. Additionally, national income accounting does not consider income distribution and inequality, which can be important factors in assessing an economy's overall well-being.
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Nov 16, 2024 Last updated |
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