How does national income serve as an indicator of development?
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The broadest and most widely used measure of national income is gross domestic product (GDP), the value of expenditures on final goods and services at market prices produced by domestic factors of production (labor, capital, materials) during the year.
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⭕ᴛʜᴇ ʙʀᴏᴀᴅᴇsᴛ ᴀɴᴅ ᴍᴏsᴛ ᴡɪᴅᴇʟʏ ᴜsᴇᴅ ᴍᴇᴀsᴜʀᴇ ᴏғ ɴᴀᴛɪᴏɴᴀʟ ɪɴᴄᴏᴍᴇ ɪs ɢʀᴏss ᴅᴏᴍᴇsᴛɪᴄ ᴘʀᴏᴅᴜᴄᴛ , ᴛʜᴇ ᴠᴀʟᴜᴇ ᴏғ ᴇxᴘᴇɴᴅɪᴛᴜʀᴇs ᴏɴ ғɪɴᴀʟ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ᴀᴛ ᴍᴀʀᴋᴇᴛ ᴘʀɪᴄᴇs ᴘʀᴏᴅᴜᴄᴇᴅ ʙʏ ᴅᴏᴍᴇsᴛɪᴄ ғᴀᴄᴛᴏʀs ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ.
ᴛʜᴀɴᴋs!!
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