national income

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National Income

The total income of the persons in a nation. Gross domestic product is calculated by adding together total consumer spending, total government spending, total business spending, the value of net exports and payments received from other countries. One then subtracts all payments made to other countries and indirect business taxes. While it is not as common a measure as GDP, it may be used as a measure of the health of a country's economy. See also: GNP.

national income

or

factor income

the total money income received by households in return for supplying FACTOR INPUTS to business over a given period of time. National income is equal to NET NATIONAL PRODUCT and consists of the total money value of goods and services produced over the given time period (GROSS NATIONAL PRODUCT) less CAPITAL CONSUMPTION.

See NATIONAL INCOME ACCOUNTS, CIRCULAR FLOW OF NATIONAL INCOME.

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