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India’s National Income and Standard of Living
Definitions
National income (NI) is the amount of goods and services produced in a country over a year, measured in terms of money. It is the sum total of wages, rents, interests and profits received annually by the citizens of a country. It can also mean the rewards paid to the four factors of production—land, labour, capital and organization—over a year for their cooperation in producing goods and services consumed by the people of the country. NI is a flow (of income) in as much as it is derived by the factors of production working together on the national wealth (assets) such as natural and physical resources, plants, equipment and technology. National wealth is a fund at any given time. ...
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