What do you mean by National income? State main features of national i

1.	What do you mean by National income? State main features of national income.
Answer» National Income – The money value of all the final goods and services produced by normal residents of a country during a financial year is called national income. Features of National Income – National Income always takes the monetary value which can be obtained by multiplying quantity of commodity by their respective prices. It includes only the value of final good. The value of intermediate goods is not taken into consideration. It includes only factor income, transfer income is not included in it. It is a flow variable as it is measured during a period of one year. It is always measured during a financial year i.e. from 1 April to 31 March.

What do you mean by National income? State main features of national income.

Answer»

National Income – The money value of all the final goods and services produced by normal residents of a country during a financial year is called national income.

Features of National Income –

National Income always takes the monetary value which can be obtained by multiplying quantity of commodity by their respective prices.
It includes only the value of final good. The value of intermediate goods is not taken into consideration.
It includes only factor income, transfer income is not included in it.
It is a flow variable as it is measured during a period of one year.
It is always measured during a financial year i.e. from 1 April to 31 March.

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What do you mean by National income? State main features of national income.

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