National Income Accounting | Class 12th Economics Macro Economics | Notes, Important Questions, Previous Years Questions, Sample Papers | As Per New Syllabus

Basic concepts in macroeconomics: consumption goods, capital goods, final goods, intermediate goods; stocks and flows; gross investment and depreciation. 

Circular flow of income (two sector model); Methods of calculating National Income - Value Added or Product method, Expenditure method, Income method.

Aggregates Related to National Income: 

Gross National Product (GNP), Net National Product (NNP), Gross Domestic Product (GDP) and Net Domestic Product (NDP) - at market price, at factor cost; Real and Nominal GDP. 

GDP and Welfare 

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