Q.(a) Compare the features among Capitalism, Secularism and Mixedism.

(a) Capitalism = private ownership + market; socialism = state ownership + planning; mixed economy = both together. (b) National income is measured by the product, income and expenditure methods.

(a) Comparison of Capitalism, Socialism and Mixed economy (the paper prints "Secularism," which is a misprint for "Socialism"):

(b) Methods of estimating National Income:

1. Product / Output (Value-added) method: add the net value added by all producing units in the primary, secondary and tertiary sectors; summing value added avoids double counting.
2. Income method: add all factor incomes earned in production — rent, wages, interest and profit (i.e. income of land, labour, capital and enterprise) to get National Income at factor cost. …