What Is National Income, Personal Income And Disposable Income?

National Income; National Income is the total of factor incomes. National output is obtained with the cooperation of the various factors of production. So this type of output is distributed among those factors of production who could contribute in the production national income is the total of incomes which are received by the various factors of production.

Therefore national income is also called net national product at factor cost.
Personal Income:- Personal income is that income which is actually received by the individuals living in an economy during a period of one year. The entire income which is earned by a person is not actually received by him and therefore personal income is not equal to national income .

For calculating personal income we deduct that income from the national income which does not reach the individuals. Corporate profits which have not been distributed , corporate income taxes and social insurance contribution are those types of incomes which are not actually received by households of individuals.
Disposable income: disposable income is the income, which is actually available with the people for consumption. It is the part of personal income, which remains with the individuals after the payment of direct taxes

National income is the value of all incomes (wage, interest, rent,profit)of a country in a given year.
Personal income is all the incomes that an individual receives, whether, it is salary, interest, money comes from renting  the land or property, gifts one receive, medical allowances, pension, etc...

Disposable income is nothing but personal income minus direct taxes, or the money which one can consume and save after paying the direct taxes.

Personal income:   It is a before tax income , it is an income before any transfer payments recieved. It is not a ready income for final consumption and saving. And it does not indicate the real purchasing power of the individuals income