What's the meaning of national Income

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What's the meaning of national Income

Posted by Shanaya Singh 5 years, 1 month ago

CBSE > Class 12 > Economics

2 answers

Shanaya Singh 5 years, 1 month ago

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Gaurav Seth 5 years, 1 month ago

National Income is a sum total of goods and services produced in a country

From the modern point of view, Simon Kuznets has defined national income as “the net output of commodities and services flowing during the year from the country’s productive system in the hands of the ultimate consumers.”

On the other hand, in one of the reports of United Nations, national income has been defined on the basis of the systems of estimating national income, as net national product, as addition to the shares of different factors, and as net national expenditure in a country in a year’s time. In practice, while estimating national income, any of these three definitions may be adopted, because the same national income would be derived, if different items were correctly included in the estimate.

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