JKSSB Paid Notes Class 3 – Economics | JKSSB Mock Test
📊 Basic National Income Concepts
- National Income (NI) – Total value of final goods & services produced by residents in 1 year
- Calculated as NNP at Factor Cost
- Intermediate goods are not counted to avoid double counting
📌 SSC CGL: "National Income is measured as?" — NNP at Factor Cost
🏦 Different Aggregates (GDP, GNP, NNP)
- GDP (Gross Domestic Product) – Production within India’s borders (Indians + foreigners)
- GNP (Gross National Product) – GDP + Net Factor Income from Abroad (Only Indians)
- NNP (Net National Product) – GNP – Depreciation
- National Income – NNP at Factor Cost
💡 SSC CGL: "GDP vs GNP?" — GDP is domestic production, GNP adds income from abroad
📐 Formulas (For Direct MCQs)
- GDP (MP) = C + I + G + (X – M)
- GNP (MP) = GDP + NFIA
- NNP (MP) = GNP – Depreciation
- NNP (FC) = NNP (MP) – (Indirect Tax – Subsidies)
- Per Capita Income = National Income ÷ Population
🧠 SSC CHSL: "Per Capita Income formula?" — NI ÷ Population
🚫 What is Not Included in NI?
- Illegal activities (Smuggling, Drugs) ❌
- Second-hand goods sales ❌
- Share market transactions ❌
- Unpaid services (Housewives) ❌
📌 SSC MTS: "Are second-hand goods included in NI?" — No
🛠️ Methods of Calculating National Income
- Production Method – Adds final goods/services produced
- Income Method – Adds wages, rent, profit, interest
- Expenditure Method – Adds C + I + G + (X – M)
💡 SSC CGL: "Which method is used for NI?" — All 3 are correct
📅 Important Data & Facts
- First NI Estimate – Dadabhai Naoroji ("Drain of Wealth")
- Current NI Calculation – NSO (National Statistical Office)
- Base Year for GDP – 2011–12
- India’s GDP (2024) – Approx $3.7 Trillion
- Per Capita Income (2024) – Approx ₹1,98,000
🧠 JKSSB: "Who provides current NI data?" — NSO
🆚 Real GDP vs Nominal GDP
- Real GDP – Removes inflation, shows actual growth
- Nominal GDP – At current prices (includes inflation)
💡 SSC CGL: "Which GDP removes inflation?" — Real GDP
📖 One-Liner Summary for MCQs
- GDP – Production inside India
- GNP – GDP + Income from abroad
- NNP – GNP – Depreciation
- NI – NNP at Factor Cost
- Per Capita Income – NI ÷ Population
📌 SSC GD: "GDP stands for?" — Gross Domestic Product
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