Question

write the importance of national income​

Answer 1

Answer:

Setting Economic Policy- National Income indicates the status of the economy and can give a clear picture of the countries economic growth. ... Inflation and Deflationary Gaps- For timely anti-inflationary and deflationary policies, we need aggregate data of national income.

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Answer 2

National income is one of the most important concepts in economic terms.

Explanation:

• National income refers to the gross total value of all the goods and services that have been produced within a country during a financial year.
• It is very important as it helps in understanding the economic patterns of any nation.
• Moreover, national income is also helpful in determining the importance of different sectors and their contribution to the economy.
• National income also helps in determining the favorable policies and plans for economic growth.