National income is the total monetary value of all goods and services produced by a nation during a period of time. It is the sum of all factor income generated during a production year and serves as an indicator of a nation's economic activity. The total amount of income accruing to a country from economic activity in a year is known as national income. GDP, which equals private consumption plus gross private investment plus government investment plus government spending plus exports minus imports, provides an economic snapshot of a country and its growth rate. GDP can be calculated in three ways using expenditures, production, or incomes.

1. National Income
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2. National income
• National income is referred to as the total monetary value of all services
and goods that are produced by a nation during a period of time. In
other words, it is the sum of all the factor income that is generated during a
production year. National income serves as an indicator of the nation's
economic activity.
• The Total amount of income Accuring To a country from Economic Activity in
a year Time is known as nation income

21. GDP = private consumption + gross private investment + government
investment + government spending + (exports – imports). GDP is
usually calculated by the national statistical agency of the country
following the international standard.
GDP provides an economic snapshot of a country, used to estimate the
size of an economy and its growth rate. GDP can be calculated in three
ways, using expenditures, production, or incomes and it can be
adjusted for inflation and population to provide deeper insights.

23. NET FACTOR COST
The income on the first three factors of
production (Compensation of
Employees, Rent and Investment
Income) flow into and out of a
country. The net is the total inflows less
the total outflows.
GDP at Factor cost is the total
value of goods and commodities
produced in a year in a country
by its all-production units.

27. Class test