what is national income ?
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National income means the value of goods and services produced by a country during a financial year. Thus, it is the net result of all economic activities of any country during a period of one year and is valued in terms of money. ... We can understand this concept by understanding the national income definition.
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National Income:
National Income is total amount of goods and services produced within the nation during the given period say, 1 year. 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. For example, national income accounting measures the revenues earned in the nation's companies, wages paid, or tax revenues. GDP is its ultimate and most widely used result. The expenditure approach adds up what has been bought during a period, and the income approach adds up what has been earned during a period.
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