state the constituents of national income in three phases viz production income and expenditure.how national income is measured in india?
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National Income is measured in following three different approaches or methods.
1. Income Method
2. Product Method
3. Expenditure Method
1. Income Method
This is the method of production of goods and services and factors are compensated for the productive services rendered to the country's economy.
2. Product Method
This method consists of measuring the output of all the producers and to deduct it from the intermediate purchases.
3. Expenditure Method
Country's national income can also be measured by sum of the expenditure on final goods and services less depreciation of the country's capital assets.
1. Income Method
2. Product Method
3. Expenditure Method
1. Income Method
This is the method of production of goods and services and factors are compensated for the productive services rendered to the country's economy.
2. Product Method
This method consists of measuring the output of all the producers and to deduct it from the intermediate purchases.
3. Expenditure Method
Country's national income can also be measured by sum of the expenditure on final goods and services less depreciation of the country's capital assets.
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