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Define national product or income?

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Define national product or income?

Posted by Siddharth S 6 years, 6 months ago

CBSE > Class 12 > Economics

2 answers

Yogita Ingle 6 years, 6 months ago

We often hear the GDP in India. The national income of India is the sum total of income everyone earns in India. GDP, GNP are also parts of this national income.
GDP is the gross domestic products while GNP is a gross national product. Further, the savings rate and investment in the economy are the determinantal factors in the national income of India.
For a nation, the value of the final goods and services, it produces in terms of money for the residents living in the country is the national income.

Siddharth S 6 years, 6 months ago

it refers to the amount of final goods and services produced by the residents of country weather operating within the country or outside the country.

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