It is a net amount of income of the citizens by production in a year. National income may also be defined as the money measure of the net aggregates of all commodities and services accruing to the inhabitants of an economy during a year.
The progress of a country can be determined by the growth of the national income of the country.
National income definition. National income 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 value the quality positive or negative that renders something desirable or valuable. National income refers to the money value of all the goods and services produced in a country during a financial year. It includes payments made to all resources either in the form of wages interest rent and profits.
The shakespearean shylock is of dubious value in the modern world. The national income is the total amount of income accruing to a country from economic activities in a years time. National income is the aggregate money value of all incomes earned by individuals and enterprises.
There are two national income definition. This means that all the income produced by individuals with no regard of their citizenship or in the case of businesses the place of incorporation is measured to assess the country s earning potential. In other words the final outcome of all the economic activities of the nation during a period of one year valued in terms of money is called as a national income.
National income is a macroeconomic variable that helps economists to understand the earning power of a country. Thus the concept national income has different meanings. The concept focuses mostly on income generated inside the country boarders.
National income is the sum total of the value of all the goods and services manufactured by the residents of the country in a year within its domestic boundaries or outside.