Indian and Global Economy: GDP Calculation

Very poor, tribal, and of a nomadic setup

NIC (New Industrialized Countries)

UAE

<p>Centrally planned countries</p> Signup and view all the answers

<p>Rich industrialized countries</p> Signup and view all the answers

<p>The total value of all goods produced in a country during a year</p> Signup and view all the answers

<p>Low amount of capital per head available and low current rate of capital formation</p> Signup and view all the answers

<p>Most underdeveloped countries are caught in the vicious circle of poverty.</p> Signup and view all the answers

<p>It acts as a disincentive, leading potential savers to indulge in wasteful consumption.</p> Signup and view all the answers

<p>Weakness of inducement to invest and low propensity to save</p> Signup and view all the answers

<p>It limits the size of the market for manufacturing output, weakening the inducement to invest.</p> Signup and view all the answers

<p>Dynamic entrepreneurship</p> Signup and view all the answers

<p>Gross Domestic Product (GDP)</p> Signup and view all the answers

<p>GDP = Consumption + Investment + Government Spending + (Exports – Imports)</p> Signup and view all the answers

<p>GDP considers goods produced within the boundary of a country, while GNP considers goods and services produced by nationals of a country on foreign land as well.</p> Signup and view all the answers

<p>The income received by a country from national and overseas income.</p> Signup and view all the answers

<p>By dividing the market value of all goods and services purchased by households of a country by the average population of that country.</p> Signup and view all the answers

<p>They generally have more urban population.</p> Signup and view all the answers

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<p>Income elasticity of demand for food refers to the responsiveness of demand for food items to changes in the income of individuals. In the least developed countries (LDCs), the income elasticity of demand for food is quite high and typically ranges between 0.6 and 0.8 percent.</p> Signup and view all the answers

<p>An increase in agricultural surplus boosts rural buying power, which is essential for industrial growth. Higher rural income leads to increased demand for industrial products, thereby driving industrial growth.</p> Signup and view all the answers

<p>This unit discusses the role and progress of Indian agriculture, causes of low agricultural production, needs and sources for agricultural finance, the New Farm Act 2020, and the benefits of organic and contract farming.</p> Signup and view all the answers

<p>The objectives of this unit are: understanding the role of Indian agriculture, evaluating the needs and sources of agricultural finance, examining problems in agricultural marketing, explaining the New Farm Act 2020, understanding organic farming, and explaining contract farming and its benefits.</p> Signup and view all the answers

<p>When farmers' production expands as a result of higher productivity, their revenue rises. As per capita income increases, there is also a significant increase in food demand.</p> Signup and view all the answers

<p>Understanding the income elasticity of demand for food, especially in LDCs, is important because it helps predict changes in food demand as a result of income fluctuations, thereby aiding in agricultural planning and policy-making.</p> Signup and view all the answers