Maharashtra Board Class 12 Solutions for Economics Chapter 7 National Income – Download Free PDF with Solution
As the term suggests, the cumulative value of the commodities produced in a country across a time span is called National Income. This calculation includes the net income of a country that enters from other countries but does not consider depreciation.
To understand this economic concept better, focus on the Class 12 Economics Chapter 7 solutions prepared by the experts of Vedantu. These solutions will help you focus on the fundamental principles. You will also find the right answers to all the exercise questions and learn how to develop your answering skills.
Maharashtra Board Class 12 Solutions for Economics Chapter 7 National Income - PDF will be uploaded soon
Importance of Maharashtra state Board Class 12 Economics Chapter 7 National Income
This chapter will introduce students to a very crucial part of the Class 12 Economics syllabus called National Income. This is a technical term where the monetary value of goods and services created by a country is calculated at the end of a time period.
The definitions of this term will be given and explained so that you can correlate to the formulas designed to calculate it. The top economists have defined this term in their own ways. You will also find out that a country sets up a committee to calculate this income without duplication.
It is a macroeconomic concept that includes an entire country. All the sectors of the economy are considered when their value is calculated. Generally, a year is considered to calculate this economic term and the value of all the goods and services produced in a year is considered.
It might sound like a humongous task, but economists have figured out to estimate the value. Calculating this figure enables economists to find out the economic activity of a particular country. It provides data to analyse the growth of a country and to check the space for its future development. To understand these concepts, refer to the solutions prepared by the experts.
Benefits of Maharashtra State Board Class 12 Economics Solutions Chapter 7 National Income
This chapter is of utmost importance in the Class 12 syllabus of the MH Board. Hence, you will need the assistance of the solutions compiled by the experts. Get the concise format of the fundamental principles followed to calculate national income and strengthen your knowledge base.
Utilising the simplest explanation and the easier format of Measurement of National Income Class 12 solutions is the ideal way to prepare this chapter. You will be able to memorise and recall all the formulas and definitions and can answer questions accurately.
These solutions will also help you find out the correct Measurement of National Income Class 12 solutions for all the included exercises. Hence, you can practice answering those questions, compare your answers to the solutions and then find out where you need to work more.
Download Measurement of National Income Class 12 Solutions PDF
Get the free PDF version of Maharashtra Board Class 12 Economics Important Questions Chapter 7 National Income the experts have compiled for your study. This file will be a great companion when you start preparing this chapter. You can resolve doubts on your own and can easily manage to find the right answers to all the questions. Stay ahead of the competition by learning the fundamental concepts of national income measurement.
FAQs on Maharashtra Board Class 12 Solutions for Economics Chapter 7 National Income- PDF
1. What is the time span to calculate national income?
Economists consider a year to calculate the national income of a country. Thus, it is an annual event.
2. Why national income does not consider depreciation?
Depreciation is not an income. It is the degradation of a commodity’s value based on its use. Hence, it cannot be considered to calculate national income.
3. Why are households considered for calculating national income?
As one’s expenditure is another one’s income, the households will have to be a part of the hypothetical models.
4. What is GDP?
Gross domestic product or GDP is the gross value of all the goods and services in the market of a country.
5. What is depreciation?
The decrease in the monetary value of an asset over its use is called depreciation.