National income is the income that individuals and firms earn from their production.

Question

Quizplus · Accepted Answer

National income is defined as the sum total of all the income earned by individuals and firms in a country during a particular period of time. This includes wages, salaries, profits, interest earned on investments, and rent received for the use of natural resources. It is a measure of the economic well-being of a country, as it reflects the level of production and output in the economy.

National Income Is the Income That Individuals and Firms Earn