Measures of national income and output Current Affairs, GK & News
1. Adam smith is considered as father of Modern Economics. In his book “The nature & causes of wealth of the Nation’s 1776, he has described economics as science of wealth. According to him economy is the study of wealth only and it deals with its production and consumption. Only material goods which are scarce ..
Topics: Capital • Economics • Economy • Factors of production • Final good • Goods • Gross domestic product • Intangible good • Labour economics • Measures of national income and output • National accounts