Question

What is national income? Explain the relationship between national income and national product.​

Answer 1

A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product, gross national product, net national income, and adjusted national income. National product is the value of all the goods and services produced in the nation. National income is the total income created by producing the national product. Accounting identity: national income equals national product. The production of one dollar of goods or services creates one dollar of income.

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