National income is the monetary value of all goods and services produced by nationals of a country for participating in productive activities in a period usually a year.
Personal Income = National Income - undistributed corporate profits - corporate profit taxes - earnings not paid out - social insurance taxes + transfer payments So basically, national income is what...
National income is defined as the total value of all the goods and services produced within a country plus income coming from abroad in a particular time period usually 1 year.