what is national income? How it is calculated? write
Answers
Answer:
NATIONAL INCOME;
National income is the total value a country's final output of all new goods and services produced in one year. Understanding how national income is created is the starting point for macroeconomics.
How it is calculated?
National Disposable Income = National Income + Transfer payments.
Gross Domestic Product (GDP) + NFIA = Gross National Product (GNP)
Gross Domestic Product (GDP) – Depreciation = Net Domestic Product (NDP)
Gross National Product (GNP) – Depreciation = Net National Product (NNP)
Answer:
Net national income is defined as gross domestic product plus net receipts of wages, salaries and property income from abroad, minus the depreciation of fixed capital assets (dwellings, buildings, machinery, transport equipment and physical infrastructure) through wear and tear and obsolescence.