What is NI : National Income ?

The total net value of all final goods and services produced by the residents of a country over a specified period of time, in the form of income from the factors of production – land, labor, capital, and organization - the sum of wages, profits, rents, interest, and pension payments that is owned by a nation's citizens ( residents of the nation).

The value of all final output equals the sum of all factor payments.

National income is the total income earned in a nation.





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