National Income is generally defined as income of a nation in one year.It is the money value of all final goods and services produced in a country.In other words, it is the money value of the end result of all economic activities of a country.
Economic activities generate two kinds of flows-
-Money flows
-Product flows
Money flows refers to prices of factors of production such as rent, wages,interest and profit.Product flows refers to flows of consumer goods and services and productive assets
Economic activities generate two kinds of flows-
-Money flows
-Product flows
Money flows refers to prices of factors of production such as rent, wages,interest and profit.Product flows refers to flows of consumer goods and services and productive assets
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