national income(redirected from Measures of national income and output)
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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.