WELCOME TO YOU I heartily welcome you to read this post on the topic " National Income ". share your thoughts in the comments because they're very powerful. ------------------------------ National income National income is the total value of all final goods and services which are produced in a country during in  a financial year.  --- Simply in other words, It is calculation of all final goods and services which are produced in a country generally in a period of 1 year without double count. Various methods of calculating national income There are 3 types of measuring national income. They are: Output Method Expenditure method Income Method Dame Frances Anne Cairncross, DBE, FRSE, FAcSS (born 30 August 1944 in Otley, England) is a British economist, journalist and academic.  According to Cairncross: national income can be looked in any one of the three ways. As the national income  can be measured by adding up everybodies output , by adding up everybodies income and b...

Hello, friends  today we're going to explore/discuss the concepts related to economic growth and economic development. Note: These concepts can also be referred for short answer type questions or very short answer questions. Hearty welcome to you. Lets begin. #MACRO_ECONOMICS ------------------------------ Economic growth The term Economic growth refers to an increase in the production of goods and services in a country  during a financial year. This concept is more relevant in developed economies. --- this process is the starting point for economic development/progress. Economic development The term Economic Development refers to not only increase in the production of goods of services  but also progressive change in the socio Economic structure of a country. This concept is more  relevant issue in developing economies. --- It requires a long time for underdeveloped and developing economies. the political will of the country should be in focus, citizens enlightenmen...