Question

Write down the definitions of National Income and explain the characteristics of national income.

Answer 1

Answer:

He has defined national income in practical prospective as:

“The Net Output of Commodities and Services flowing in a year from the country's productive system in the hands of ultimate consumers or into net addition to the country's capital goods.

Answer 2

National income is the sum total of factor income earned by normal residents of a country during the period of an accounting year.