INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT3 Marks
Question
What is the problem with calculating national income with various methods?
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Answer
Different methods of calculating national income:
There are different methods used to calculate national income across the world. The most important among them are:
$(a)$ Production method,
$(b)$ Income method and
$(c)$ Expenditure method.
The measurement of national income varies based on the method of calculation used by the country.
Different countries adopt different methods to calculate national income. Hence, comparing the economic development through national income as an indicator becomes difficult.
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