National Income in of India in 2010-11

5. How are the wealth and productivity of a nation usually measured, and what other factors must be considered when evaluating the well-being of a nation’s people?

There are three different sectors: primary, secondary and tertiary. Primary sector is from where the products are being

Between 1975 and 1996, per person, GDP grew by almost 90%, taxes more than doubled, government transfers went up more than 160%, and average household income net of taxes grew by almost 50%. Income grew significantly. The proportion of national income directed via government grew far more significantly. Although there has been some problems with the economy during this period such as unemployment which has grown from 4 per cent to 8.5 percent, also the average duration of unemployment grew from 6 weeks to 52 weeks.

At first we need to assess the characteristics for ordinary income. Ordinary income is generated from personal exertion (i.e. Salary income), property (rent, interest) and carrying out business activities. According to ITAA 1997, section 6-5 (1) , the assessable income constitutes income derived from ordinary concepts. There are some provisions listed under section 10-5 may be effect the treatment of ordinary income.

Businesses can prepare their own analysis for each category by obtaining numerous pieces of information, which relate to their current state as well as knowledge about how their company’s decisions and operations impact their society and environment.

14. Explain why a nation’s GDP is both a good and poor measure of its economic well-being and progress?

ii) There are five level one headings in this table, which are: real sector, fiscal sector, financial sector, external sector, and

(TCO 1) The total value of final goods and services produced within a nation’s borders in a given year is known as that nation’s

In any given population, there is a difference between what people within the population earn. The uneven distribution of income in any given population is income inequality. In order for there to be income, there has to be several sources of income. These sources of income may be combinational or independent per person receiving the income. Income may result from wages, rent, bank account interests, salaries or even profits made in business transactions ( Stiglitz, 2012).

Resources – Land, labor and capital are the categories of means used in agricultural production. A fifty-acre land in the outskirt of Lagos has been proposed for the winery. The property is owned by the state government, and there is an incentive of tax break being proposed by the state government.

d Total number of exemptions claimed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Further research can be done to look into the problems of employment as well as taxation policies and how these factors may affect income

I chose to do GNI per capita (PPP 2013) because at first glance I could tell that the numbers would vary a lot more than the other three options. GNI has to do with thousands while the other choices were single digits. Gross national income (GNI) was also a topic I find to be interesting. I think it is beneficial to see each countries individual income and a choropleth map depicts it very well.

There are various other important aspects associated with the economy in general and community in particular that determine wellbeing of the economic agents and these aspects are totally ignored by the concept of GDP. GDP is unable to take into account the strengths of marriages, the intelligence of the public, and the integrity of the public institutions. These moral aspects of the community play significant role in its economic development too. Wisdom, courage, learning, compassion, and devotion all such factors make our lives worthwhile and therefore it is not a wise option to ignore these factors while talking about the economic

In Wave 1 and Wave 2, participants were asked two questions that will be used to calculate an estimate of yearly income. First, participants were asked, “How much money do you earn in a typical non-summer week from all your jobs combined?” Second, participants were asked, “How much money do you earn in a typical summer week from all your jobs combined?” Both questions allowed for a numerical response (e.g., not a range). Assuming a traditional academic calendar, summer weekly income will be multiplied by 12 and the remainder of weeks in the year (40) will be considered non-summer