IAS (Admin.) IAS Mains GS Paper 3 (Science-Tech, Economy, Environment, & Disaster Management) Indian Economy and Issues-Relating to Planning Study Material (Page 1 of 1)

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National Income

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Meaning of National Income

  • National income is defined as the total of all incomes earned in a nation during a specific period usually one year.
  • National Income is a flow concept. Production is a process which helps in generating goods and services over a period.
  • The national income measures goods and services which accrue to a country only as a result of the production efforts of a country and it excludes all the goods and services received otherwise.

Money Flow and Real Flow

Circular flow of income can be viewed from two different angles:

  • Real flow: it consists of the factor services from the owner of factor services to the producers and flow of goods and services from the prod…

… (1075 more words) …

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