Question

Define the term national income​

Answer 1

Answer:

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. National income is an uncertain term and is often used interchangeably with the national dividend, national output, and national expenditure. We can understand this concept by understanding the national income definition.

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Answer 2

Answer:

National income is the total value a country's final output of all new goods and services produced in one year. Understanding how national income is created is the starting point for macroeconomics.