There are a number of concepts pertaining to national income. They are:
- 1. Gross National Income (GNP)
- 2. Net National Income (NNP)
- 3. Gross Domestic Product (GDP)
- 4. Personal Income
- 5. Disposable Personal Income
- 6. Per Capita Income
1. Gross National Income:
GNP is the total measure of the flow of goods and services at market value resulting from current production during a year in a country, including net income from abroad, GNP includes four types of final goods and services: (1) Consumer’s goods and services to satisfy the immediate wants of the people. (2) Gross Private Domestic Investment in capital goods consisting of fixed capital formation, residential construction and inventories of finished and unfinished goods.(3) goods and services produced by the government and (4) net exports of goods and services that is, the difference between value of exports and imports of goods and services, known as net income from abroad.
Note: This is published for the internal use (of St. Philomena's College students) only and hence requires verification.