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National Income Accounting

Question

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What is meant by inventory?

Solution

Inventory is the stock of unsold finished goods, semi-finished goods or raw material which a firm carries from a year to the next.

Some More Questions From National Income Accounting Chapter

Define microeconomics. Give one/two examples of microeconomics. Is study of cotton textile industry a microeconomic study or macroeconomic study?

Distinguish between microeconomics and macroeconomics. Give an example of showing the difference between microeconomics and macroeconomics.

Briefly explain the following basic concepts related to NI:
National Income (NI).

Briefly explain the following basic concepts related to NI:
Final Goods and Intermediate Goods.

Briefly explain the following basic concepts related to NI:
Consumption Goods and Capital Goods

Briefly explain the following basic concepts related to NI:
Flow and Stock Concepts

Briefly explain the following basic concepts related to NI:
Gross Investment and Net Investment

Briefly explain the following basic concepts related to NI:
Domestic (Economic) Territory

Briefly explain the following basic concepts related to NI:
Normal Residents

Briefly explain the following basic concepts related to NI:
National Income at Current and Constant Prices (Nominal and Real NI).

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