Question

Mention the bases of the concept 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.

HOPE THIS HELPS YOU

PLZ FOLLOW ME