Question

Define national income.

Answer 1

Hey mate, here is your answer -:)

__________________________

National Income is the sum- total of factor- incomes earned by normal residents of a country during the period of one year.

___________________________

HOPE it helps to you!!!

Answer 2

National income is the total of all monetary value and income of all individuals and enterprises in a nation.

EXPLANATION:

• In simple terms, national income is total amount of money that is earned as income in exchange for goods and services produced in a country at a given time.
• Generally, it is calculated on an annual basis. It is calculated annually so that proper estimates can be made about the net expenditure and the net income of country which in turn can be used to formulate budget of country and also in making new economic policies for future.
• It is also calculated to find at which stage, economy of country is at present.
• It examines whether country is developed, developing or underdeveloped as the economies of developed countries have high national income.