Notes and Study material for Exams
Unveiling the True Picture: NNP at Factor Cost (NNPFC) and its Significance The Gross Domestic Product (GDP) is a widely used metric to measure a nation’s economic performance. However, GDP alone doesn’t tell the whole story. It fails to account for the depreciation of capital goods and the indirect taxes levied on production. To get … Read more
The Circular Flow of Income: A Vital Engine of Economic Activity The economy is a complex system, with countless transactions happening every second. To understand how this system functions, economists use models to simplify and visualize the relationships between different economic actors. One such model is the Circular Flow of Income, a fundamental concept that … Read more
Understanding the Pulse of the Economy: A Deep Dive into National Income Accounting National income accounting is the backbone of economic analysis, providing a comprehensive picture of a nation’s economic performance. It’s the language economists use to measure and track the flow of goods and services, income, and spending within an economy. This article delves … Read more