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Lesson Posted on 07 Mar Tuition/BBA Tuition/Micro and Macro Economics

Risk and persons

Amandeep

I am a student of Master of economics also teaching tutions of economics. I study it in depth. My notes...

Risk Averter:- A person who minimise risk during investment called Risk Averter or Risk Averse and the activity called risk Aversion. Risk Lover:- A person who take risk to maximise his profit during an investment is called Risk lover or Risk seeker. Risk Neutral:- A person who is indifferent... read more
  • Risk Averter:-   A person who minimise risk during investment called Risk Averter or Risk Averse and the activity called risk Aversion.
  • Risk Lover:- A person who take risk to maximise his profit during an investment is called Risk lover or Risk seeker.
  • Risk Neutral:-  A person who is indifferent towards Risk which means sometimes he take risk and sometimes not he called Risk Neutral.
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Lesson Posted on 28 Jan Tuition/BBA Tuition/Micro and Macro Economics

Investment multiplayer

Dalip Kumar

I taught at undergraduate level in the university.

Investment multiplayer is the change in investment(induced investment) due to a change in income level.
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Lesson Posted on 30/05/2019 CBSE/Class 12/Commerce CBSE/Class 11/Commerce/Economics Tuition/BBA Tuition/Micro and Macro Economics

Forms/Types of Money - Class 12, Macroeconomics, Evolution of Money

Rajiv Vadera

I am MBA Finance. I believe in conceptual learning and not just theoretical

Various types/forms of Money
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Lesson Posted on 29/05/2019 CBSE/Class 12/Commerce CBSE/Class 11/Commerce CBSE/Class 11/Commerce/Economics +1 Tuition/BBA Tuition/Micro and Macro Economics less

Macro-Economics: Meaning and Scope | What is macroeconomics? | Class 11/Class 12

Rajiv Vadera

I am MBA Finance. I believe in conceptual learning and not just theoretical

Meaning of Macro-Economics
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Lesson Posted on 02/04/2019 Tuition/BCom Tuition/Micro & Macro Economics Tuition/BBA Tuition/Micro and Macro Economics CBSE/Class 12/Commerce/Economics +1 CBSE/Class 11/Commerce/Economics less

Methods of calculating National income

Satyadev

I have just graduated from the University of Delhi with a first class degree in economics. I am very...

Methods of Calculating National Income Value Added Method:- According to this method, National Income is calculated by adding net value by all producing unit during the year within the domestic boundary. GVPmp = GDPmp = Value of Output – Intermediate... read more

Methods of Calculating National Income

Value Added Method:- According to this method, National Income is calculated by adding net value by

                                          all producing unit during the year within the domestic boundary.

GVPmp = GDPmp = Value of Output – Intermediate consumption 

                                         

                             Sales+ Change in stock

                                                    

                                        Closing stock – Opening stock

                            or

GDPMP= Gross value added by primary sector, tertiary sector, secondary sector

For calculating domestic & national income,

Domestic income (NDPFC) =GDPMP –Depreciation – NIT

National Income(NNPFC) = NDPFC+NFIA

Following items should not be included

(i) Sale and purchase of second hand goods.

(ii) Value of intermediate goods & services.

(iii) Goods & services produced for self-consumption.

Precautions:-

(i) Commission on sale and purchase of second goods is included.

(ii) Imputed value of production  for self-consumption is included.

(iii) Imputed rent on the owner occupied house is also included.

 

Problem of Double Counting:-  Double counting means when value of certain goods  is counted more than once. E.g. suppose there are four producers.

                           Farmer, Miller, Baker, Shopkeeper

        Producer

         Value of

         Output  inâ?¹

Input Value inâ?¹

 Value added â?¹

     Farmer

         2000

           0

        2000

     Miller

         3000

         2000

        1000

     Baker

         4000

         3000

        1000

     Shopkeeper

         5000

         4000

        1000

                               Total :               14000                                     9000                                     5000

If we take  â?¹14000 as final output, this will arise the problem of Double Counting.

To avoid the problem of double counting, we have following measures:-

(i) Value Added Method:- By this method, we take value added only at each stage i.e. 5000

     Value Added= Value of output – intermediate consumption(inputs value)

                             = 14000-9000

                             =5000

(ii) Final Output method :- According to this method, we take value of final goods only. Value of Intermediate goods are not taken into account. In the above case, â?¹5000 only added to national income.

 

 

Income Method:- According to this method, national income is measured in terms factor payments

                                                                                                                                                        ↓

                                                                                                                                   (Land, Labour, Capital, Owner)

Components of Income Method-

(i) Compensation of Employees: it includes

              (a) Wages and salaries in cash and kind

              (b) Employers’ contribution to Social Security

              (c) Pension on Retirement (It does not refer to old age pensions)

              Note:- Ignore employee contribution to social security

(ii) Operating  Surplus: It is the income from property and entrepreneurship. It includes

              (a) Rent, Interest, Royalty

                                    ↓

             (Ignore National Debt Interest)

              (b) Profit: Profit is further split into

                              → Dividends

                              → Corporate Profit Tax (tax on profit)

                              → undistributed profits (corporate saving)

(iii) Mixed Income: Income of the self-employed persons using their own labour, land, capital, and  owner,  to produce goods & services. For e.g.  an owner uses himself in place of manager or any other type of labour, or his car, or his building instead of other.

 When we add above values, we get NDPFC (domestic income)

Operating Surplus + Compensation of Employees+ Mixed Income = Domestic Income (NDPFC)

Precautions:

(i) Transfer earnings like old age pensions, scholarships etc. should not be included in National Income.

(ii) Income from illegal activities is not to be included.

(iii) Brokerage on sale and purchase of bonds should be included.

(iv) Commission on sale and purchase of second hand goods should be included.

(v) Income from lotteries or capital gain should not be included.

(vi) if any item is separately listed then it should not be included. For e.g. if  value of operating surplus is given and we have separate value of wages & salaries, then wages & salaries should not be included while calculating national income.

 

Expenditure Method:- As we know, “Production creates income, income creates expenditure”. If we want to calculate National Income by this method, we have to add different final expenditures from an economy. By adding all final expenditure we get GDPMP.

 

Components of Expenditure Method:-

(i) Private Final Consumption Expenditure(C)

(ii) Government Final consumption Expenditure(G)

(iii) Investment Expenditure(I):

         It includes, = Business Fixed Investment (Purchase of fixed assets)

                           + Residential Construction

                           + Public Investment (Roads, dams, bridges)

                           + Inventory Investment (change in stock)

                           + Net Acquisition of Valuables(Gold, Diamonds)

(iv) Net Exports (X-M) = Exports – Imports

 

GDPMP = C+I+G+(X-M)

Domestic Income (NDPFC) = GDPMP –Depreciation-Net Indirect Taxes

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Lesson Posted on 13/03/2019 CBSE/Class 11/Commerce/Economics CBSE/Class 12/Commerce Tuition/BBA Tuition/Micro and Macro Economics

Barter System - Drawbacks of Barter System, Class 12, NCERT, Macro Economics

Rajiv Vadera

I am MBA Finance. I believe in conceptual learning and not just theoretical

Economics - CBSE Std XIIth, State Board, ICSE/ISC, IGCSE/GCSE
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Lesson Posted on 13/03/2019 CBSE/Class 11/Commerce/Economics Tuition/BBA Tuition/Micro and Macro Economics CBSE/Class 12/Commerce

Price Elasticity of Demand - Class 12, NCERT, Micro Economics

Rajiv Vadera

I am MBA Finance. I believe in conceptual learning and not just theoretical

Perfectly Inelastic and Relatively Inelastic Demand Economics - CBSE Std XIIth, ICSE/ISC, IGCSE/GCSE, State Board
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Answered on 05/02/2019 Tuition/BBA Tuition/Micro and Macro Economics

Poulami Mukherjee

Tutor

From mathematical aspect, marginal cost is differentiation of variable cost. Marginal cost= (Change in total variable cost÷change in quantity)x100 However on economics language, if one unit of commodity is produced how much the cost will rise is the amount equal to marginal cost. It is mentionable... read more

From mathematical aspect, marginal cost is differentiation of variable cost.

Marginal cost= (Change in total variable cost÷change in quantity)x100

 

However on economics language, if one unit of commodity is produced how much the cost will rise is the amount equal to marginal cost. It is mentionable that, only variable cost changes with the change in quantity production, not the fixed cost. So if there is marginal cost, then it means that it is told about variable cost. For example, labour cost (as we can hire an extra labour to raise production, so cost will obviously rise) is variable cost. And the example of fixed cost is rent on land (because producer can not raise the portion of land to raise the production, so there is no question of rising cost).

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Answered on 25/09/2018 Tuition/BBA Tuition/Micro and Macro Economics CBSE/Class 11/Commerce/Economics

Deepakraj B

Home Tutor

It is a situation in which the inflation rate is high the economic growth rate slows and unemployment remains steadily high.
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Answered on 17/07/2018 Tuition/BBA Tuition/Micro and Macro Economics CBSE/Class 11/Commerce/Economics

Arun Pathrose

Tutor

for XI-XII rs 300 and for graduation rs 500 per hour
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