What is national income and the features of national income?
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Macro economic concept: - The National income is a study of Macro economics concept. It is the aggregate income of all goods and services produced in a country during a given year. It provides a clear picture country's economic performance during a particular year.
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National income includes the value of activities that are exchanged for money eg services of housewives are ignored. National income is the net/actual aggregate value of goods and services produced in the economy. Therefore the value of depreciation ie “wear and tear of capital” in the process of production is deducted from the gross value.
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