01-01-2018, 04:27 PM
INTRODUCTION
*Economics is the branch of science that deals with the study of production, distribution and consumption of goods and services.
*The study of wealth is called
Ans : Aphnology.
*The father of Modem Economics
Ans : Adam Smith (Scotland)
*Laissez-Faire is the policy of non-interference by government in economic activities.
*Laissez - Faire Policy is related to Adam Smith
*The law of demand was proposed by
Ans : Alfred Marshall
Famous Economists Theories
*Laissez - Faire Theory - Adam Smith
*Elasticity of Demand - Alfred Marshall
*Marginal Productivity - J.B. Clark
*Theory of Distribution - David Ricardo
*Population Theory - Thomas Robert Malthus
National Income & Per capita Income
National Income
*National Income is the sum total of all final goods and services produced in a country in a particular period of time, usually one year.
*In India financial year starts from 1st April and ends on 31st March next year.
*There are different concepts of National Income namely G.N.P., G.D.P., N.N.P., N.D.P., personal income and disposable income.
*The 17th century English economist Sir. William Petty was the first to calculate national income.
*National income is calculated in two ways.
(i)National income at current price
(ii)National income at Constant price
*The first official bulletin on National income known was ‘White paper on national income’ published by C.S.O. in 1956. (Later the title was changed to National Account Statistics).
C.S.O
*The headquarters of C.S.O
Ans : NewDelhi
*An official agency appointed by the Govt, of India for estimating National
Ans : Income was C.S.O (Central Statistical Organisation ) in 1951
*Since l955 National income estimates are being prepared by C.S.O
*National Sample Survey organisation (NSSO) was set up in 1950 as a permanent survey organisation to conduct national sample surveys to assist in socio-economic planning and policy-making
*Production method, income method, expenditure method etc., are the three methods of estimating National income.
*State has highest GDP in India is Maharashtra.
G.P.P. (Gross Domestic Product)
*It is value of all goods and services produced within a country during a given period.
G.N.P. (Gross National Product)
*G.N.P. is the sum total of all goods and services produced by the nationals of a country during a year.
N.D.P (Net Domestic Product)
*Net Domestic Product is equal to G.D.P, minus depreciation. (Depreciation means a decrease in an assets value caused by unfavourable market conditions)
N.N.P. (Net National Product)
*If the value of depreciation is deducted from the value of G.N.P. in a year we obtain the value of N.N.P
Personal income
*Personal income is the total amount of money income actually received by individuals from all sources during a particular year.
Disposable Income
*Disposable Income Disposable income is the income remaining with individuals after the deduction of all taxes levied against their income and their property by the government.
Per capita income
*It refers National income divided by the population of the country.
Per capita income=National income /Population
*Per capita income is often used as a measure of the wealth of the population of a nation.
*Goa has the highest percapita income in India.
Human Development Index (HDI)
*Human Development Index is a relative measure of human development with emphasis on both social and economic indicators.
*H.D.I. was launched by Pakistani economist .Mahbub-ul-Haq and Indian economist Amartyasen in 1990.
*It is a standard measurement for distinguishing whether the country is a developed, developing or an under developed country.
*H.D.I. is a new way of measuring development by combining indicators of life expectancy, educational attainment and income.
*India’s Rank in 2016 HDI ranking
Ans:131 (First: Norway)
*In India, Kerala stands first in Human Development Index among states and Chandigarh stands the first among Union territories.
*The fast growing economy in the world is China.
*The country with highest GDP is USA
*Robert Owen is considered as the father of co-operative movement.
*The father of co-operative in India is
Ans : Frederic Nicholson.
