Question

What is national income and per capita income

Answer 1

Income per capita is the amount of money earned by per person in a certain area. It can be calculated for a country by dividing the country's national income by its population.

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Answer 2

GDP refers to and measures the domestic levels of production, whereas GNP measures the levels of production of any person or corporation of a country. For example, the American GNP measures the production levels of any American or American-owned entity, regardless of where in the world the actual production process is taking place, and defines the economy in terms of the citizens. GNP measures the compensation and investment income received by nationals working or investing abroad. GNP is less commonly referred to than GDP, but is best described as the measure of national output