National income is the total monetary value of goods and services produced in a country within one year. There are three main approaches to determining national income: expenditure, income, and value added. The expenditure approach uses the formula GDP=C+I+G+NX-M, where C is consumption, I is investment, G is government spending, NX is net exports, and M is imports. The income approach calculates GDP as the sum of compensation of employees, interest, rent, profits, and subtracts net factor income from abroad. The value added approach determines GDP by calculating the value added at each stage of production and summing across all sectors of the economy. National income statistics are important for economic analysis and policymaking but have some