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National Income is a tool to assess the overall economic performance and activity within a country’s economy. Check more about National Income , meaning, measures. What is National Income ? Definition, Types, Methods & Importance Explained Introduction National Income is one of the most fundamental concepts in economics. It acts like a report card for the country’s economic health. Just like an individual checks their income to know how much they earn, a country checks its national income to know how much it is producing, earning, and consuming. But national income is much more than just a number. It reflects development, employment levels, standard ... National Income (NI) is a fundamental concept in economics, acting as a key metric for gauging a country’s economic performance. As an important economic metric of a nation, it influences policy decisions, investment considerations, and socio-economic planning. This article of NEXT IAS aims to study in detail the concept of National Income (NI), its measures including Gross Domestic Product (GDP) and Gross National Product (GNP), methods employed to compute it, and other related concepts. In this article we will discuss about National Income :- 1. Concept of National Income 2. Circular Flow of National Income 3. Major Types of Production 4. Measurement 5. Major Classes 6. Expenditure Approach 7. National Income as the Generic Term 8. Statistics 9. Interpreting Measures 10. National Income (Output) and Per Capita Income 11. Measurement Problems and Others. Contents: Concept of National Income Circular Flow of National Income Major Types of Production in National Income ...
