Define national income discuss the method of its measurement
Answers
Answer:
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Explanation:
Definition of National Income
The total net value of all goods and services produced within a nation over a specified period of time, representing the sum of wages, profits, rents, interest, and pension payments to residents of the nation.
Measures of National Income
For the purpose of measurement and analysis, national income can be viewed as an aggregate of various component flows. The most comprehensive measure of aggregate income which is widely known is Gross National Product at market prices.
Answer:
according to dernburg " national income may be defined as the factor income in the form of rent wedges interest and profit of the normal resident of a country in one year it is composed to domestic factor income and net factor income from abroad"