Define or explain the following concept :
National income .
National income means the value of goods and Services produced by a country during a financial year . Thus, it is the net result of all economic activities of any country during a period of one year and is valued in terms of Money . National income is an uncertain term and is often used interchangeably with the national dividend, national output, and national expenditure . We can understand this concept by understanding the national income definition.
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- Concept of National Income