IMPORTANCE OF THE CONCEPT OF NATIONAL INCOME//B.A.//M.A.//11TH CLASS//12TH CLASS
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National income means the value of goods and services produced by a country during a financial year. Thus, it is the net result of all economic activities of any country during a period of one year and is valued in terms of money. National income is an uncertain term and is often used interchangeably with the national dividend, national output, and national expenditure.
Concept of National Income
The National Income is the total amount of income accruing to a country from economic activities in a years time. It includes payments made to all resources either in the form of wages, interest, rent, and profits.
The progress of a country can be determined by the growth of the national income of the country.
National Income Definition
There are two National Income Definition
Traditional Definition
Modern Definition
Traditional Definition
According to Marshall: “The labor and capital of a country acting on its natural resources produce annually a certain net aggregate of commodities, material and immaterial including services of all kinds. This is the true net annual income or revenue of the country or national dividend.”
The definition as laid down by Marshall is being criticized on the following grounds.
Due to the varied category of goods and services, a correct estimation is very difficult.
The various methods of measuring National Income?
There are various methods for measuring National Income:
Gross Domestic Product (GDP)
Gross National Product (GNP)
Net National Product (NNP)
Net Domestic Product (NDP)
National Income at Factor Cost (NIFC)
Transfer Payments
Personal Income
Disposable Personal Income
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