National income | One shot revision with all formula and Theory. Class 12 Economics Board exam 2024.

In this video Sunil Sir has revised the entire National income chapter of Economics class 12th CBSE.

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Topics Covered.
0:00 - Introduction.
00:20 - Four sectors of an economy.
00:50 - Circular flow of income into sector economy.
02:54 - Phases of circular flow of income.
03:10 - Difference between stock and flow.
05:12 - Types of goods in the economy.
08:03 - Different types of final goods.
08:45 - Difference between final goods and intermediate goods.
10:26 - Basic formula for conversion.
12:23 - Methods of estimation of National Income.
13:05 - Production or product method.
14:30 - Income method.
16:23 - Expenditure method.
17:26 - Precautions regarding production method.
19:38 - Problem of double counting.
20:58 - Precautions regarding income method.
22:20 - Precautions regarding expenditure method.
23:18 - Meaning of national income.
24:03 - Inclusions of domestic territory.
24:40 - Exclusions of domestic territory.
25:06 - Exceptions of GDP welfare.
29:15 - Difference between real GDP and nominal GDP.
30:50 - GDP Deflator/Price Index.
31:35 - Components of NFIA.
32:27 - Difference between Depreciation & Capital Loss.

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National income | One shot revision with all formula and Theory. Class 12 Economics Board exam 2024.