Define the term income of a country
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ɴᴀᴛɪᴏɴᴀʟ ɪɴᴄᴏᴍᴇ ᴍᴇᴀɴꜱ ᴛʜᴇ ᴠᴀʟᴜᴇ ᴏꜰ ɢᴏᴏᴅꜱ ᴀɴᴅ ꜱᴇʀᴠɪᴄᴇꜱ ᴘʀᴏᴅᴜᴄᴇᴅ ʙʏ ᴀ ᴄᴏᴜɴᴛʀʏ ᴅᴜʀɪɴɢ ᴀ ꜰɪɴᴀɴᴄɪᴀʟ ʏᴇᴀʀ. ᴛʜᴜꜱ, ɪᴛ ɪꜱ ᴛʜᴇ ɴᴇᴛ ʀᴇꜱᴜʟᴛ ᴏꜰ ᴀʟʟ ᴇᴄᴏɴᴏᴍɪᴄ ᴀᴄᴛɪᴠɪᴛɪᴇꜱ ᴏꜰ ᴀɴʏ ᴄᴏᴜɴᴛʀʏ ᴅᴜʀɪɴɢ ᴀ ᴘᴇʀɪᴏᴅ ᴏꜰ ᴏɴᴇ ʏᴇᴀʀ ᴀɴᴅ ɪꜱ ᴠᴀʟᴜᴇᴅ ɪɴ ᴛᴇʀᴍꜱ ᴏꜰ ᴍᴏɴᴇʏ. ... ᴡᴇ ᴄᴀɴ ᴜɴᴅᴇʀꜱᴛᴀɴᴅ ᴛʜɪꜱ ᴄᴏɴᴄᴇᴘᴛ ʙʏ ᴜɴᴅᴇʀꜱᴛᴀɴᴅɪɴɢ ᴛʜᴇ ɴᴀᴛɪᴏɴᴀʟ ɪɴᴄᴏᴍᴇ
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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. ... We can understand this concept by understanding the national income definition
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