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National Output Concepts

•    The level of economic activity is measured with the help of the national output

•    The total output of the economy as a whole is the sum of the value added by each firm or enterprise.

•    Gross Domestic Product (GDP) can be measured (i) as the sum of value added by all producers, (ii) as the sum of income claims generated in producing goods and services, or (iii) as the sum of expenditure on all final goods and services produced during a year.

•    GDP measures the value of what is produced in this country, while GNI (or GNP) measures the income accruing to residents of India, including net income from rest-of-the world.

•    GDP is a specific measure of output ; it is not a measure of welfare of happiness.

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