Question

Define national income.

Answer 1

National income is a measure of the total value of goods and services produced by an economy over a period of time, normally a year. National income is also known as Gross National Product or GNP or national dividend. 

Answer 2

According to the National Income Committee (N.I.C.) of India, “National income estimate measures the value of commodities and services turned out during a given period, counted without duplication.”