Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Explore a wealth of knowledge from professionals across different disciplines on our comprehensive platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.
Sagot :
Answer:
National is the total number of goods and services produced in a country in a given year.
Explanation:
National Income is simply a country's wealth and it goes a long way in shaping the economic development of a country. From, the definition of national income, we should know that every country national income( i.e the net amount of income of the citizens by production in a year) will differ hence, the difference in their economic development.
National Incomecan be classified in to two namely:
GDP: Gross domestic product is the aggregate value of goods and services produced in a country. it is used to measure a country 's economic growth.
GNP: Gross National Product on the other hand is the estimated value of the final goods and services produced by a country during a specific period of time (usually a year),before allowance is made for the depreciation or consumption of capital used in the process of production.
IF country A GDP is 52,000 while that of Country B is 45,000. We can say country A is economically developed than country B. i.e Country A is experiencing more positive growth than country B.
This explains a vivid answer to the above question as all country can not grow at the same rate since their national income differs. the higher the national income of a country, the better it is from others.
We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.
