Ch-2 National Income Accounting : Macro-Economics

consumption expenditure

Interest on loan taken for ________ is non- factor income and so not included.

Producers

________ (firms) and households are the constituents in a two sectors economy.

Intermediate Consumption

Value Added by a Firm= Value of Output of the Firm- ________ of the Firm.

NNP Fc

• Sales + change in stock= value of output • Change in stock= closing stock- opening stock • Value of output- Intermediate consumption= Gross value added (GDPmp) • ________ (N.I)= GDPmp-) (consumption of fixed capital (depreciation) (+) Net factor income from abroad-) (Net indirect tax.

economic variable

Stock:- Quantity of a(n) ________ which is measured at a particular point of time.

Households

________ give factors of production to firm and firms in turn supply goods and services to ________.

gross domestic product

The expenditure on ________ attributable to the foreign sector is net exports.

Flow

________ is a dynamic concept.

GNP

Income in ________ does not bring about increase in economic welfare.

Gross National product

________ at market price: It is a money value of all final goods and services produced by a country during an accounting year including net factor income from abroad.

motive of a government

The ________ is to serve and not to make profits.

Intermediate goods

________: Are those goods, which are used either for resale or for further production.

Consumption goods

________:- Are those which are bought by consumers as final or ultimate goods to satisfy their wants.

Households

________ provide the market for the output of the firms.