disposable income

Meaning Of National Income National income can be defined as the monetary value of all the final goods and services that are produced in an economy within a given period of time, usually a year. Final goods are goods that are ultimately consumed rather than used in the production of another good. For example a car sold to a consumer is a final good; the components such as tires sold to the car manufacturer are not; they are intermediate goods used to make the final good. If the same intermediate goods were included too, this would lead to double counting.

For example, the value of the tires would be counted once hen they are sold to the car manufacturer, and again when the car is sold to the consumer. The national income of a country can be measured in three different ways, biz the Income Approach, the Output Approach and the Expenditure Approach. The use of any of these approaches produces the same result if carefully implemented. The measurement and analysis of the total output produced in an economy is known as social accounting. National income Concepts In national income accounting, economists and planners are usually interested in various national income concepts such as, Gross Domestic

Product (GAP), Gross National Product (GNP), Net National Product (NP), and Disposable Income (Hyde). These concepts are considered in turn. Gross Domestic Product: The gross domestic product of a country is the monetary value of all the final goods and services produced within the domestic territory of a country in a specific period, usually a year, irrespective Of whether those who produced them are citizens or foreigners. Gross National Product: This is the main measure of the total output. It is at times; simply referred to as National Income (IN).

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