Download App

National Income — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsNational Income2 Marks
Question
National Income is a three sided coin. - Explain
✓

Answer

  • Usually, a coin has two sided but national income can be called a coin with three sides.
  • In any country during a year the total value of production made by four factors of production, is national income.
  • The incomes made these four factors employed in production can be totaled to know the national income.
  • In the same way, The purpose of income of the factors of production is ' consumption.
  • Therefore, by making the addition of all costs/expenditure also, we can know national income.
  • Thus, national income can be counted with same answer in three different methods.
  • Therefore it is called a coin with three sides.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "2 Marks Each" from National Income→National Income — all question types→Economics STD 11 Commerce question papers→Gujarat Board STD 11 Commerce question papers→Gujarat Board question paper generator→

Similar questions

"Generally, there is direct relationship between price and supply." - Explain.
→
How many types of dynamic changes occurred in Economy? Which are they?
→
What is meant by ‘Home Charges’?
→
Give meaning of wealth and state its characteristics.
→
Give the meaning and types of disinvestment.
→
What is demand function?
→
What is Price Elasticity of demand?
→
By how many ways and which ways theories are represent in economic study?
→
"Budget is reflection of the Economy" - Explain
→
Why the law of demand does not apply in case of inferior goods ?
→