Question

State the meaning of National Income and explain the features of National Income.

Hint:

National income is an important indicator that helps in understanding the overall economic health of a country.

Answer 1

Step 1: Meaning of National Income.
National Income is the total monetary value of all goods and services produced within a country's borders over a specific period of time, usually measured annually. It is an indicator of a country's economic health and is used to compare the economic performance of different nations.

Step 2: Features of National Income.
1. **Inclusive of All Economic Activities**: National income includes all goods and services produced, both market and non-market.
2. **Measurement of Economic Performance**: It serves as a measure of a country's economic performance and standard of living.
3. **Income Distribution**: National income also reflects how income is distributed among the various sectors of the economy, such as labor, capital, and entrepreneurship.
4. **Excludes Non-Market Activities**: Non-market activities, such as household labor and volunteer work, are not counted in national income.

Final Answer: \[ \boxed{National \; Income \; is \; the \; total \; value \; of \; goods \; and \; services \; produced \; in \; a \; country \; over \; a \; given \; period. \; Its \; features \; include \; inclusivity, \; performance \; measurement, \; and \; income \; distribution.} \]