Everything to know about National Income
National income is the total value a country’s final output of all new goods and services produced in one year. The simplest way to think about national income is to consider what happens when one product is manufactured and sold. Typically, goods are produced in a number of ‘stages’, where raw materials are converted by firms at one stage, then sold to firms at the next stage. Value is added at each intermediate stage, and at the final stage, the product is given a retail selling price. The retail price reflects the value added in terms of all the resources used in all the previous stages of production…
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