Question

what is national income?​

Answer 1

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$\large\textrm{\underline{\underline \red{National \: Income:}}}$

$\bullet$National income is the sum of total values of final goods and services produced within a country plus net factor income from abroad during the period of one year.

$\bullet$A country with higher level of national income is considered more developed or advanced than a country which has a lower level of national income. As a size of national income expands there is no availability of goods and services in the country.More goods and services mean higher level of consumption and standard living of people.

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$\large\textrm{\underline{\underline \red{Important \: points:}}}$

Other factors for comparison of economic development :

• Per capita income.

• Life expentency.

• Gross development ratio.

Answer 2

Answer:

the income of all the citizens of a country is called its national income

Explanation: