Today we had our third economics class which started with
the concept of national income. Sir briefed about the general ideas of income
and dived into the benefits of national income along with explanations of GDP
and Human Development Index. He also gave a detailed differentiate between
growth and development which gave new perspectives to think.
In accord with the saying "Knowledge has a beginning
but no end", in today's class we acquired knowledge on many new concepts.
We discussed in deep about national income and their
benefits. Sir gave a detailed real time example which was useful to correlate.
Sir gave a brief description about the History of national income. Then he
moved on to the topic factors of production along with factor income. The
explanation helped us to revisit the concepts learnt in school and also add
more to understanding. The discussion then progressed towards circular flow of
income. The detailed and contemporary example along with clarification of
doubts made us understand the concept better. The class ended with the topic
measuring of National income using expenditure method and income method.
Today’s class was more of a warehouse of information and
knowledge which introduced us to new words, concepts and ideas.
Content Credits : Leo B Brindha
