Concept of Gross Domestic Product(GDP), Gross National Product(GNP), National Income(NI), Net national Product(NNP), Personal Income(PI) and Disposal Income(DI)
National income is the sum of income earned by all the individuals of a country within the specific time period, generally within a year. The individual of a nation or various incomes from different types of all the final goods and services produced in a country within a year is called national income.
There are three ways of calculating national income. They are income method, expenditure method, and product method. All these methods give the same result and any of these methods can be used in calculating national income.