MEANING : In ordinary language, national income refers to the money value of all the goods and services produced in a country in a year. I...

FUNCTIONS OF MONEY 1) Primary functions of money: a) Medium of Exchange: In money economy money is as a medium of exchange between th...

FEATURES OF NATIONAL INCOME 1) macro concept:  National income is the income received from all the people of the country, including gove...

DIFFICULTIES IN MEASURING NATIONAL INCOME 1) Danger of Double counting: While calculating N.l. by value added method we must consider ...

LAW OF SUPPLY WITH ITS ASSUMPTION This law was formulated by ' Alfred Marshall.' He has explained this law in the book ' pr...

MEANING OF SUPPLY:   Supply refers to the quantity of a commodity offered for a sale at different alternative price at a point of time or ...

JOINT HINDU FAMILY BUSINESS Meaning The business which is jointly owned by members of joint Hindu family is called as joint Hindu fami...