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What is national income ? How is it calculated? Write |
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Answer» National Income is total amount of goods and services produced within the nation during the given period say, 1 year. It is the total of factor income i.e. wages, interest, rent, profit, received by factors of production i.e. labour, capital, land and entrepreneurship of a nation.NI=NNP +Subsidies-Interest Taxes Gdp is national income.It is the sum of money value of primary, secondary and tertiary sector |
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