National Income Accounting CBSE Syllabus Class XII (Class 12)
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