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Understand Factor Cost & Market Price in National Income Accounting (for UPSC CSE)

Lesson 5 of 9 • 841 upvotes • 10:24mins

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Ayussh Sanghi

In this lesson, the presenter furthers our understanding of the course on National Income Accounting by explaining the concept of "Factor Cost" which is the actual cost incurred on goods & services. Using a very simple example, the presenter explains the calculation of this concept. He then explains the concept of "Market price" which is the price at which the goods are sold. The features of the same are explained in detail and also the types of taxes that are levied on goods manufactured or sold are shed light upon.

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1

Introduction to National Income Accounting (for UPSC CSE)

10:01mins

2

Learn Important Definitions of National Income Accounting (for UPSC CSE)

10:19mins

3

Detailed Outline of Gross National Product (for UPSC CSE)

10:28mins

4

Comprehend Concepts Of 'Net' & 'Gross' (for UPSC CSE)

8:20mins

5

Understand Factor Cost & Market Price in National Income Accounting (for UPSC CSE)

10:24mins

6

Learn to Calculate Indices on the basis of NIA (for UPSC CSE)

10:30mins

7

Understand Which Is The Best Index? (for UPSC CSE)

10:13mins

8

How To Measure National Income (Part 1) (for UPSC CSE)

9:57mins

9

How To Measure National Income (Part 2) (for UPSC CSE)

9:54mins

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