CHAPTER 3

National Income and Related Aggregates — Basic Concepts and Measurement

“The GDP measures everything, in short, except that which makes life worthwhile.”

—Robert F Kennedy

Topics Covered

  • Macroeconomics: meaning
  • Circular flow of income
  • Concepts of GDP, GNP, NDP, NNP (at market price and factor cost)
  • Measurement of National Income
    • Value Added method
    • Income method
    • Expenditure method.

CHAPTER AT A GLANCE

  1. What is Macroeconomics?

    In the early 1900s, the field of economics looked a lot like microeconomics of today. Economists studying individuals and businesses extended that analysis to the whole economy. However, with the Great Economic Depression of 1929 and the collapse of the world economy, economists were unable to explain the ...

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