What is national income, national product and nationl expenditure?
National income means that a country’s production. Some definitions of National income are, 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 o
