Miscellaneous Topics

1. Gross National Product (G.N.P.):
Gross National Product is defined as the total market value of all final goods and services produced in a year. (Or any specified time period e.g. a quarter). We have to keep these things in mind:
1. It is the market value of everything that is produced by Nationals of a country both inside and outside the country’s territory.
2. To ascertain accurate changes in the total output gross national product is adjusted for price changes by comparing it to a base year
3. Everything in the point one means total goods and services. Final means that the value has to be counted only once and not twice. This means intermediate products are not counted. Only the products and services that are used for final consumption have to be counted. For example wheat is converted to flour. Floor is a good for final consumption, and the value of floor covers the value of the wheat as well. Flour may be further converted to biscuits and in this case biscuits cover the value of wheat and its conversion to flour as well. So various forms of most of the goods are purchased and sold several times. This is likely to subject such goods to double accounting – once in its semi-finished form, and again as the final good. In order to avoid this problem, gross national product includes only the market values of the final goods, and ignores the transactions of intermediate goods.

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(Hindi) All About National Income of India and with important MCQs: Bank PO and SSC CGL

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The sum total of value added in all the economic enterprises of a country is National Income. There are a variety of measurements of the National Income. The value added refers to the money value all the final goods and services produced in a country during the period of one Year.
The basic concepts in national income are
Gross Domestic Product (GDP)
Gross National Product (GNP)
Net Domestic Product (NDP)
Net National product at Factor Cost or National Income
Net Domestic product at market prices
Net Domestic product at Factor Cost
Income from Domestic Product accruing to Private Sector
Private Income
Personal Income
Personal Disposable Income

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Definition and Introduction of National Income (in Hindi)

Vikas Kumar Singh Tomar

(Hindi) All About National Income of India and with important MCQs: Bank PO and SSC CGL

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