Q2 of 14 Page 233

Define national income.

It is an uncertain term which is used interchangeably with national dividend national output or national expenditure. It is also called national income at market price.

The general definition of NI is- It is the total amount of money earned by an economy. It is the sum total of all the value of goods and services produced in an economy over a period of time. It is usually calculated per year.


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If the total income of a family of 5 members in 2015 was Rs. 567890, calculate the per capita income of the members of the family.

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State how small industries are helpful for the growth of a country like India.