Question

Explain the various components of national income.

Answer 1

Answer:

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. There are various concepts of National Income, such as GDP, GNP, NNP, NI, PI, DI, and PCI which explain the facts of economic activities.

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Answer 2

Answer:

Components of national income :

• Gross Domestic Product GDP

• Gross National Product GNP

• Net National Product NNP

• Net National Product at Factor Cost

• Net Domestic Product At Market Prices

• Income From Domestic Product Accruing To Private Sector

• Private Income

• Personal Income

• Personal Disposable Income

Explanation:

A national income estimate counts the number of commodities and services produced in a given period without duplication.

In other words, is defined as the total market value of all final goods and services produced in an economy over a specified time period.