in the city of agra lies one of the seven wonders i.e.,taj mahal but with the proceeding year ,its marbles are turning yellow in colours .A lot of factories are set up in agra .explain the concept mentioned in the above lines
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I dont like Agra then icant explain u
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Answer:
The main concept that discussed in above lines is:
The concept of limitation of national income.
(a.) Distribution of GDP.
(b.) Externalities
(c.) Composition of GDP.
The national income ignores negative externalities like smoke emmission from industries causing air pollution and industrial waste polluting the environment.
In doing so it overestimates the level of actual welfare of the economy.
Therefore, the Taj Mahal is turning yellow and its estimation in GDP in not true.
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