Question

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

Answer 1

Explanation:

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.

Answer 2

Explanation:

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.