National Income Aggregates: Gross Domestic Product (GDP), Gross National Product (GNP), Net Domestic Product (NDP) and Net National Product ( […]
Four – Sector Open Model of Circular Flow of Income : Model with Foreign Sector An open economy is an
Three Sector Model: Closed Model with Govt. Sector A three sector model comprising households, firms and government is a realistic
Two Sector Model Without Saving and Investment The two sector model consists only households and firms (production units). This
What is Circular Flow of Income ? The circular flow of income is an economic model which is designed to
Budgetary Procedure: The budgetary process in India involves four different operations namely, 1. Preparation of the Budget
Balanced Budget Vs. Deficit or Surplus Budget On the basis of the magnitude of receipts and expenditures budget can be
Classification of Govt. Expenditure: Budget expenditure is the estimated expenditure to be incurred by the govt. during a
Classification of Budget Receipts: The central government raises its revenue in the budget through a. Revenue Receipts and b.
Components of The Budget: The Constitution of India demands that the budget must distinguish expenditure on revenue account from
