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Non-Competitive Markets
Question
Wired Faculty App

What is meant by double counting? Why should it be avoided?

Answer

Counting of value of same product more than once in computation of national income is called double counting. It should be avoided to remove chance of overestimation.

Sponsor Area

Some More Questions From Non-Competitive Markets Chapter

Flow and Stock Concepts

Giving reasons categorise the following into stocks and flows:
(i) Losses (ii) Capital (iii) Production (iv) Wealth. 

Gross Investment and Net Investment

Domestic (Economic) Territory

National Income at Current and Constant Prices (Nominal and Real NI)

Consumption of Fixed Capital (Depreciation)

Factor Cost vs. Market Price (or Net Indirect Taxes)

Net Factor Income from Abroad (NFIA)

Value of Output vs. Value Added

Factor Payment (Income) vs. Transfer Payment (Income)