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Question
Identify & Explain the Concepts from the given illustration:
Viru kept aside 100 kgs. out of 500 kgs. of wheat produced on his farm for his family.
Solution
Concept: Self-consumption
Explanation:
Self-consumption refers to that part of the total production of a producer which he uses for his own consumption. This part is not supplied in the market.
RELATED QUESTIONS
Explain the theoretical difficulties involved in the measurement of national income.
Write an explanatory answer.
Explain the practical (statistical) difficulties involved in the estimation of national income.
Complete the Correlation:
Theoretical difficulty : Transfer payments :: ______ : Valuation of Inventories.
State with reason, whether you agree or disagree with the following statement:
There are many theoretical difficulties in the measurement of national income.
Identify and explain the following concept:
Vrinda receives monthly pension of Rs. 5,000/- from the state government.
Write any four practical difficulties in national income estimation.
Assertion (A): Production for self-consumption is not accounted for in the national income.
Reasoning (R): The products kept for self consumption do not enter the market.
There are no theoretical difficulties in the measurement of National Income.
- Assertion (A): Due to illiteracy, small producers do not keep an account of their production.
- Reasoning (R): The value of services provided out of love is not added in national income.
Identify and explain the concept from the given illustration:
Salman has a total stock of 500 gel pens in his shop which includes 200 gel pens produced in the previous financial year.
