1) Gross National Happiness (GNH):-
The term GNH was coined in 1972
The four pillars of GNH:
i) Sustainable and equitable socio-economic development
ii) Environmental conservation
iii) Preservation and promotion of culture.
iv) Good governance.
The nine domains of GNH:
i) Psychological well-being,
ii) Health,
iii) Time use,
iv) Education
v) Cultural diversity & resilience
vi) Good governance,
vii) Community vitality
viii) Ecological diversity & resilience
ix) Living standards.
2) Human Development Index (HDI):-
In 1990 Mahbub ul Haq, a Pakistani Economist at the United Nations, introduced the Human Development Index.
Composition:
It is a composite index of
i) life expectancy at birth
ii) adult literacy and
iii) Standard of living
India's HDI level:
i) India's HDI value for 2017 is 0.640
ii) Between 1990 and 2017, HDI value increased nearly 50% - an indicator of achievement in lifting millions of people out of poverty.

Economic policies in India:
i) Agricultural policy
ii) Industrial policy
iii) New Economic policy

a) In the value added approach the value added by each intermediate goods is summed to estimate the value of the final goods.
b) The sum of the value added by all the intermediate goods used in production gives us the total value of the final goods produced in the economy.
Example:
To measure the market value of a cup of tea is, to add the value of each intermediate goods used to produce it such as tea powder, milk and sugar.

Per Capita Income (PCI) or output per person is an indicator to show the living standard of people in a country. It is obtained by dividing the national income by the population of a country
\(\text {Per capita Income } = \frac { \text { National Income }}{\text { Population }} \)

i) Study of Economic Growth
ii) Problems of inflation and deflation
iii) Comparison with developed countries of the world
iv) Estimate the purchasing power
v) Study of Public Sector
vi) Guide to economic planning

 Gross Domestic Product (GDP) is the total value of output of goods and services produced by the factors of production within the geographical boundaries of the country.

i) 'National Income is a measure of the total value of goods and services produced by an economy over a period of time, normally a year'.
ii) National Income is called as Gross National Product (GNP) or National Dividend.