National Income Accounting CBSE Syllabus Class XII (Class 12)
1. Economic Wealth is not mere possession of natural resources
and how this natural resources are used to produce products &
Services which retain the production flow and create income & wealth
Is created.
2. Intermediate goods are goods which transforms its character to form
another goods.
Ex: farmer produces cotton and sold to spinning mill which
transform into textiles.
4. Final goods are consumption goods and capital goods.
Goods like food, clothing, recreation, etc are goods consumed by
consumer are called consumer goods.
Durable goods like tools, implements, machines which make
production feasible are called capital goods, which
enhance the production function and investment done.
Some commodities like television sets, automobiles, home
Computers, where only wear & tear as replacement of parts, called
Consumer Durables.
5. Final goods & services in the economy
with given period of time used as consumption
goods (durable & non-durable goods) or capital goods
in the economic process.
6. Total production take place with large number
of products don't end in final consumption or capital
goods as material inputs called intermediate goods.
Ex: steel sheets used in auto industry, copper sheet
used to make utensils.
7. Flow variable is defined over a period of time.
Capital goods or consumer wear out with delineated time
period, till new replacement.
Stocks are working at a particular point of time.
Ex: How
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