Description: Meaning of income, four factors of production, factor incomes and non-factor incomes, final goods and intermediate goods, basic economic activities, closed and open economy, stock and flow, circular flow of income, concept of domestic territory and normal residents, value of output and value added, market price vs factor cost, domestic income vs national income, real & nominal GDP concept of depreciation. Concepts of GDP, NDP GNP & NNP (at market price and fact