Question

Explain the concept of National Profit​

Answer 1

Explanation:

Basic Concepts of National Income

(1) Gross Domestic Process (GDP) – It refers to the money value of all the goods and services that are produced within...

(2) Net Domestic Product (NDP) – When depreciation on fixed capital used in production of goods and services is deducted...

(3) Gross National Product (GNP) – When we add the net factor income from abroad (NFIA) to the GDP of a country we get...

(4) Net National Product (NNP) – It refers to the total value of all the final goods and services produced in an economy...

Answer 2

Explanation:

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.