In common, national income means the total value of goods and services produced annually in a country. In other words, the total amount of income accruing to a country from economic activities, in a year's time is known as national income. It includes payments made to all resources in the form of rent, wages, interest and profits.
Thus, national income is the aggregate monetary -value of all final goods and services produced-in the, economy in a year.
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- Concept of National Income