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Define or exp...

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Define or explain national income.

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Solution

National income measures the monetary value of the flow of output of goods and services produced in an economy over a period of time.

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Similar questions

Q. Define national income.
OR
Define national product.

Q. Explain two basic concepts of National Income.

Q. Explain the two Basic Concepts of National Income.

Q. Give reason or explain the following statements:

1) Income from second hand sale of goods is excluded from national income.
2) National income at factor cost includes subsidy.
3) National income estimates are accurate in India.
4) Old age pension is transfer income.
5) Paid services are included in national income.

Q. Define or explain the concepts.

1. Economic growth

2. Industrial progress

3. Per capita income.

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