Question

Definition of national income by different authors

Answer 1

National Income is total amount of goods and services produced within the nation during the given period say, 1 year. It is the total of factor income i.e. wages, interest, rent, profit, received by factors of production i.e. labour, capital, land and entrepreneurship of a nation.

Answer 2

Answer:

According to dernburg national income may be defined as the factor income in the form of rent wages interest and profit of the normal resident of a country in one year it is composed of domestic factor income and net factor income from abroad

Explanation: