Meaning and definition of national income
MEANING:
In ordinary language, national income refers to the money value of all the goods and services produced in a country in a year. It includes the money value of all final goods and services produced in a country in a year.
DEFINITION:
1) National income committee:
" A national income estimate measures the volume of commodities and services turned out during a given period counted without duplication. "
2) A.C. pigou:
"The national dividend is that part of objective of the community including of course, income derived from aboard which can be measured in money."
In ordinary language, national income refers to the money value of all the goods and services produced in a country in a year. It includes the money value of all final goods and services produced in a country in a year.
DEFINITION:
1) National income committee:
" A national income estimate measures the volume of commodities and services turned out during a given period counted without duplication. "
2) A.C. pigou:
"The national dividend is that part of objective of the community including of course, income derived from aboard which can be measured in money."
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