Question

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Answer 1

Answer:

Concept of National Income. National income means the value of goods and services produced by a country during a financial year. Thus, it is the net result of all economic activities of any country during a period of one year and is valued in terms of money.

Per capita income is a measure of the amount of money earned per person in a nation or geographic region. ... Per capita income for a nation is calculated by dividing the country's national income by its population.

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Answer 2

Answer:

• National income is the sum total of the value of all the goods and services manufactured by the residents of the country, in a year., within its domestic boundaries or outside. It is a net amount of income of the citizens by production in a year.

• Per capita income (PCI) or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population. Per capita income is national income divided by population size.

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