What is national income: National Income is an interesting and

National Income is an interesting and important topic from Indian Economy which is almost every year asked in various competitive exams. Take a look at the definition of National Income , its ... 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. The national income identity This relationship is expressed in the national income identity, where the amount received as national income is identical to the amount spent as national expenditure, which is also identical to what is produced as national output. Throughout ... National income is the sum of the incomes of the owners of the production factors, belonging to a specific nationality and during a specific period of time, usually one year. National Income Definition National income denotes the aggregate income accrued by the citizens of a country, including income accrued from abroad, during a specific period; one year is an accepted norm. All factor incomes are considered: wages, rents, interests, and profits. This entire measure accounts for production value carried out within domestic confines and by nationals abroad, making it a fuller measure for economic consideration. Final Goods and Services The income concept covers ...