The Terms Fiscal Deficit, Revenue Deficite, GDP(Gross Domestic Products), GNP( Gross National Product), National Income, Per Capita Income.
1. Fiscal Deficit
It is the difference between the government’s total receipts (excluding borrowings) and total expenditure.
2. Revenue deficit
It defines that, where the net amount received (by taxes & other forms) fails to meet the predicted net amount to be received by the government.
3. GDP (Gross Domestic Product)
The Gross Domestic Product or GDP is a measure of all of the services and goods produced in a country over a specific period; classically a year.
4. GNP (Gross National Product)
Gross National Product is measured as GDP plus income of residents from investments made abroad minus income earned by foreigners in domestic market.
5. National Income
National Income is the money value of all goods and services produced in a country during the year.
6. Per Capita Income
The national income of a country, or region, divided by its population. Per capita income is often used to measure a country's standard of living.