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National Income and Related Aggregates

ABOUT THE TOPIC:

National income is the 

  • value of income generated within the country plus the income earned from abroad.
  • sum total of factor incomes earned by normal residents of a country during the period of one year
  • sum total of the market value of final goods and services, produced by normal residents of a country in one year

In the topic , student will be able to understand :

  • basic concepts of national income accounting
  • circular flow of income
  • Real and Nominal GDP
  • Steps and precautions of production, income and expenditure method of calculating national income
  • Treatment of items in the estimation of Domestic and National income.

This topic  is very important in the practical life

RESOURCES:

  1. OTU provides you the classes in best quality with attached E-book  containing all relevant theory, short notes, solved questions, self practice questions, diagrams, quiz and tests
  2. While making your own notes, do not forget to note down all the formulas and flowcharts which will be given in class by the teacher. These formulas and flowcharts will act like a backbone while revising the whole chapter.
  3. The classes cover explanations of all relevant concepts and practical examples from day to day life for deep understanding.
  4. Content of the class will cover the entire syllabus based on the guidelines issued by CBSE for class XII under 10 + 2 pattern of Senior School Certificate Examination.
  5. Also, do not avoid giving the test for this topic. This will help to assess your expertise level in the topic.

BY THE END OF THIS TOPIC:

The methodology used by Vidhi Budhiraja Mam is very friendly and layman based which brings conceptual clarity. Her notes will help you to revise the topic very comfortably. The student will be able to understand the topic comprehensively. He will be able to solve all type of numerical and theoretical questions very easily.

Vidhi Budhiraja is a renowned CBSE Economics teacher, with 17 years of teaching experience. She is Honoured with best teachers award and fab teachers award. Her unique teaching style has made many difficult topics and concept very easy to learn.
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