Question

What are the concepts of national income?

Answer 1

Heya friend,
Let me explain the concept in detail,
•Gross Domestic Product (GDP): It is the total market value of all final goods and services currently produced within the domestic territory of a country in a year.
•Gross National Product: It is the total market value of all final goods and services produced in a year. GNP includes net factor income from abroad whereas GDP does not. 

•Net National Product at market price:NNP is the market value of all final goods and services after providing for depreciation. That is, when charges for depreciation are deducted from the GNP we get NNP at market price. 

•Net National Product at Factor Cost: NNP at factor cost or National Income is the sum of wages, rent, interest and profits paid to factors for their contribution to the production of goods and services in a year. 

•Personal Income:Personal income is the sum of all incomes actually received by all individuals or households during a given year. 
Hope it helps you.

Answer 2

Answer:

Gross Gross National Product at market price