Explain the terms average income and national income
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National Income : Is the total value a country's final output of all new goods and services produced in one year.
Percapita Income : When the total National Income is dividedby the total population,It is called Percapita Imcome.It is thwe average income of an average person in that country.
Percapita Income : When the total National Income is dividedby the total population,It is called Percapita Imcome.It is thwe average income of an average person in that country.
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Answer:
Average Income is also known as Per-capita income. It measures the average income earned per person in a given area in specified year.
National Income is the sum total of all the goods and services produced in a country along with the income obtained from all foreign countries.
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