Is GDP and National Income the Same Thing?

Thread starter theBEAST
Start date May 13, 2012
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Income

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National income can be measured through Gross Domestic Product (GDP) using either the expenditure or income approach, indicating that national income and GDP can have equivalent values. National income refers to the total monetary value of all goods and services produced by a country within a year, often described in broader terms as the overall earnings of a nation. It encompasses specific metrics like GDP and Gross National Product (GNP), which provide concrete measures of a country's economic performance.

May 13, 2012

theBEAST

I noticed in my textbook they said you can measure national income by measuring the GDP from either the expenditure or income side. So would this mean that national income and GDP have the same value?

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May 26, 2012

Matterwave

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Define National Income. Usually national income is just a vaguish word for "how much a country makes in a year" which is measured by concretely defined things such as GDP and GNP.

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