What's the difference between "national income" and GDP?

Answer 1

Natinol income earned by a country's people, including labor and capital investment,investment multiplier, PPI, standard of living and the gross domestic product (GDP) is the primary indicator used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period - you can think of it as the size of the economy. Usually, GDP is expressed as a comparison to the previous quarter or year. For example, if the year-to-year GDP was up 5%, it means that the economy has grown by 5% over the last year.

Answer 2

The GDP of a country is defined as the market value of all final goods and services produced within a country (by locals and foreigners) in a given period of time.

The 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

Answer 3

Gross Domestic Product is everything that is made with in the borders of the United States. National income does not include everything made with the US, for instance, there is a Japanese car company making cars within the borders of the US but the money goes to the Japanese owners or to Japan. In that case it is not included in the national income of the United States.