Explain: " National income is same as national product." - Vidyadip

Question

Explain: " National income is same as national product."

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Answer

The summation of total production value of finished goods and services produced during a year is called national product.
The summation of total income of four factors of production which they earned by production is called national income.
In short, market value of goods and services produced by factors of production is national product.
Which is same as income of factors of production engaged in production process.
It means that value obtained = value paid, so national income = national product.

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