Question

how you can find about national income of your country?
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Answer 1

A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income also called as NNI at factor cost (NNI* adjusted for natural resource depletion). All are specially concerned with counting the total amount of goods and services produced within the economy and by different sectors. The boundary is usually defined by geography or citizenship, and it is also defined as the total income of the nation and also restrict the goods and services that are counted. For instance, some measures count only goods & services that are exchanged for money, excluding bartered goods, while other measures may attempt to include bartered goods by imputing monetary values to them. [1]✨

Answer 2

National Income : The total value of goods and services produced in a country in a year is called as National Income.

There are three methods to measure National Income. They are : Output Method, Income method and Expenditure method.

Output Method : This method is also called as inventory or commodity service method. In this method the market value of goods and services is measured. The output is multiplied with the market price to measure the National Income.

NI = P1Q1 + P2Q2........PnQn - depreciation- taxes + net income from abroad

P = Price of the goods and services
Q = Quantity of the goods.

Income Method : In this method the National Income is measured with the value earned from the factors of production. The values are wage,rent,profit and interest. These are aggregated to measure the National Income.

NI = W+R+P+I + Net Income from abroad.

Expenditure Method : In this method the total expenditure spent by the country in a year is taken to measure the National Income. Here we add the expenditure of firms,expenditure of households and expenditure of government.