Question

Please explain about the GDP and National Income.

Answer 1

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Answer 2

GDP

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually.[2][3]GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.

National Income.

Definition: National Income refers to the money value of all the goods and services produced in a country during a financial year. In other words, the final outcome of all the economic activities of the nation during a period of one year, valued in terms of money is called as a National income.