class 12 macroeconomics Concept and aggregates related to national income most important notes
National income ....... short and easy notes for the board exam 1. What do you mean by GDP mp (Gross Domestic Product at Market Price) ? > It is the market value of final goods and services produced during the year within a domestic Territory of a country. GDP mp = final goods and services produced within the territory of a country during a year. 2. What is G NP mp (Gross National Product at Market Price)? >It is the market value of any goods and services produced within the domestic Territory of a country by a normal resident during an accounting year along with net factor income from abroad. 3. What is NNPmp ( Net National Product at Market Price)? > Market value of final goods and services produced during the year + net factor income from abroad -depreciation. NNPmp = GNPmp - depreciation 4. What is Net Factor Income From Abroad (NFIA)? > it is the income from abroad from rent, interest, wages, profit by a resident from rest of the world, and fac...