National income and Gross Domestic Product (GDP) are closely related concepts, with national income being measurable through GDP from both the expenditure and income perspectives. National income is defined as the total value of all goods and services produced by a country in a year, typically represented by GDP and Gross National Product (GNP). Therefore, while they are not identical, national income and GDP often yield the same numerical value when calculated correctly.
PREREQUISITESEconomists, students of economics, policy analysts, and anyone interested in understanding national income measurement and its relationship with GDP.