What is the meaning of national income?

Answer 1

Definitions of National income
1. The income generated by a country's production, and therefore the total income of its factors of production. Except for some adjustments that don't usually enter theoretical models, NI is the same as GDP.

2. A measure of the money value of goods and services available to a nation from economic activity.

3. It is the sum total of incomes received by all people of a country over a period of time. It is calculated as gross national product minus depreciation minus sales taxes and other small items.

4. The total income earned by the residents of a country in one year (also called National Output or National Expenditure).

5. A measure of the total level of economic activity which takes place in an economy over a year.

6. The total value of all income in a nation (wages and profits and interest and rents and pension payments) during a given period (usually 1 yr)

7. Measures of national income and output are used in economics to estimate the value of goods and services produced in an economy. They use a system of national accounts or national accounting first developed during the 1940s. Some of the more common measures are Gross National Product (GNP), Gross Domestic Product (GDP), Gross National Income (GNI), Net National Product (NNP), and Net National Income (NNI).

Answer 2

Define National Income

Answer 3

National Income is the overall summation of income from various economic agents in the economy.
Now, national income can be defined as the overall flow of goods and services produced in an economy in a given time period, usually a year.
The sum total of goods produced is expressed in monetary terms, and allowance is made for the goods and services which are used up during the production process. Occasionally national income is estimated for one quarter. It may also be termed national product or output and national expenditure.

Answer 4

National Income : Gross National Income comprises the total value of goods and services produced within a country (i.e. its Gross Domestic Product), together with its income received from other countries (notably interest and dividends), less similar payments made to other countries.For example, if an Indian -owned company operating in another country sends some of their incomes (profits) back to India, the India's GNI is enhanced. Similarly, the repatriation of profit from a US-owned company operating in the India will count towards US GNI, but not affect India's GNI

Answer 5

National Income is the money value of all final goods and services produced in a country in a given year. Confused ? OK I will elucidate bit more. It not only includes goods/products for consumption but also income out of services (like income of a doctor etc). Income generated by citizens of that country abroad is included in national income while income generated by foreigners and taken abroad is not included.

Answer 6

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What is the meaning of national income?