Question

Define
national
Income​

Answer 1

Answer:

National Income is the value of final goods and service of a country.

Answer 2

National Income encompasses all the monetary value of all the goods and services produced by an economy within a certain period of time or financial year.National Income also corresponds to the GDP value of an economy again referring to the value of all the goods and services produced by the economy.

Explanation:

National Income basically includes all the economic activities conducted within an economy such as production by both private and public sector,business activities,buying and selling of all goods and services.All the goods and services produced within an economy are calculated at their present market value or price to estimate the national income.Some of the non-economic activities which cannot be converted to market value conducted in an economy are also included in the calculation of national income.Some of these include personal hobbies,services provided by housewives or students,self-service activities and so forth.