Chapter 1 · Part 1

The Economy and National Income

Economic systems, sectors & the national-income aggregates.

Concepts

Formulae

6 min

Read time

Beginner

Learning objectives

1Explain types of Economic Systems
2Explain sectors of the Economy
3Explain national Income Concepts
4Explain measuring National Income
5Explain nominal, Real and Per Capita Income
6Explain significance and Limitations

Your learning path

Introduction

Types of Economic Systems

Sectors of the Economy

National Income Concepts

Measuring National Income

Nominal, Real and Per Capita Income

Significance and Limitations

Summary

Quiz

Revision

Follow the full path

Key terms

economyNetGVAmixedchain-basereal incomeservices-leddepreciationdistributionmixed economymicroeconomicsmacroeconomicsprimary sectorNominal incometertiary sectorsecondary sector

Connected chapters

Evolution of the Indian Economyshares: mixed economy the Services Sectorshares: services-led the External Sector and Tradeshares: Depreciation

6Concepts

2Formulae

6Minutes

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