National income is the total amount earned by factors of production in an economy.infact national output figure and national income figure would be the same
What Is Meant By National Income NI?
The concept of national income was introduced by Cambridge economists like Robertson, Pigou, Marshall and Keynes when they were presented the Cambridge Approach of QMT. Then in 1936 when Keynes presented his general theory of national income determination got due importance. With such beginning the national income and its allied concepts were presented from time to time.
Sum of all the physical goods produced and services by utilizing the natural resources of the country with the help of labor and capital. In addition to this net income from abroad is also included. Accordingly, the Ni is the sum of all the goods produced and services provided the net income from abroad.
The sum of all the expenditures which are made on consumption and investment goods is known as NI. Such definition of NI, on the one side, considers total output of the economy as NI while the other side the total expenditures are accorded a s NI.
Thus to define NI by this method is known as income expenditure method of NI.
The sum of incomes of all the factors of production engaged in production process is also known as NI. This method to define NI is known as NI. This method to define NI is known at factor prices method.
Sum of all the physical goods produced and services by utilizing the natural resources of the country with the help of labor and capital. In addition to this net income from abroad is also included. Accordingly, the Ni is the sum of all the goods produced and services provided the net income from abroad.
The sum of all the expenditures which are made on consumption and investment goods is known as NI. Such definition of NI, on the one side, considers total output of the economy as NI while the other side the total expenditures are accorded a s NI.
Thus to define NI by this method is known as income expenditure method of NI.
The sum of incomes of all the factors of production engaged in production process is also known as NI. This method to define NI is known as NI. This method to define NI is known at factor prices method.