National income, inflation, ethics and governance

National income measures the total value of final goods and services produced in a country in a year. The headline concepts are GDP (production within the country's borders), GNP (GDP plus net factor income from abroad) and NNP (GNP minus depreciation), each available at market prices or at factor cost. Worked example: if consumption is 600, investment 200, government spending 150, exports 120 and imports 100 (all in the same units), GDP by expenditure = 600 + 200 + 150 + (120 - 100) = 970. Inflation is a sustained rise in the general price level, measured in India mainly by the Consumer Price Index (CPI) for retail prices and the Wholesale Price Index (WPI) for wholesale prices.