(a) Value Addition: Value addition refers to the increase in the value of a good at each successive stage of production. It is the difference between the total value of output and the total value of intermediate consumption.
(b) Gross Domestic Product: Gross Domestic Product is the market value of all the final goods and services produced within the domestic territory of a country during a year.
(c) Flow Variables: Flow is a quantity of any economic variable which is measured over a duration of time. For example, a week, a month or a year. they have an element of time attached to them. For example, monthly wages, production of wheat in a year, etc.
(d) Income from property and entrepreneurship: The income from property and Entrepreneurship refers to the income earned in the form of rent, Royalty, interest, and profit. These are together called as the operating surplus. Profit is further distributed into three types- dividend, corporate profit tax and undistributed profit.
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