The following precautions should be taken while using production method: Value of production for self-consumption included in the national income. No doubt this part of the production has been consumed by the producer, but it has been produced.
The following precautions should be taken while calculating national income using income method: (i) All kinds of transfer payments are not to be included in the national income. This is so because these are unilateral payments. (ii) The value of the output kept for self-consumption and the imputed rent of the self-occupied house are included […]
The office serves as the administrative centre of an organization. Mechanical devices have been found more and more essential to the efficient running of a modern office. A few years ago, typewriter was the only machine used in office.
Mental calculations done for hours together are tiring and as such calculating machines are used for doing multiplication, division, addition and subtraction. The most important figuring jobs where calculating machines are used are:
A calculating machine is a machine, which performs the job of multiplication, division and calculation. These machines can be operated electrically or manually. These machines are commonly known as calculators. The advantages of these machines are: