National Income , Concept, Calculation Method, Formula, Importance National Income refers to the value of goods and services produced by a country during a financial year. Read all about National Income Formula, Calculation Method and Importance for the UPSC exam. National income is the total value of all economic activities carried out in production capacities owned and run by a nation's residents. It is measured by aggregating monetary values of final goods and services produced during that financial year. Learn how to calculate NI using different methods and its importance for macroeconomics. What is National Income ? Definition, Types, Methods & Importance Explained Introduction National Income is one of the most fundamental concepts in economics. It acts like a report card for the country’s economic health. Just like an individual checks their income to know how much they earn, a country checks its national income to know how much it is producing, earning, and consuming. But national income is much more than just a number. It reflects development, employment levels, standard ... National Income is an interesting and important topic from Indian Economy which is almost every year asked in various competitive exams. Take a look at the definition of National Income , its ...
