National Income | UPSC Prelims Gear Up Programme | UPSC Prelims Test Series | Prelims PYQ | Edukemy

In the Prelims Gear Up Series, we have been coming up with a series of videos, which will cover all the important previous year UPSC Prelims Questions and will help all the aspirants in revision and consolidation of the same.

Today's Topic: National Income

The entire monetary worth of all commodities and services generated by a country during a given period of time is referred to as national income. Stated differently, it represents the total amount of factor revenue earned over the course of a production year.

The country's economic activity is indicated by the national income. There are three ways to compute it: the income approach, the value-added technique, and the expenditure method.

The incomes produced by the inputs of production—such as labor and land—are the primary basis of the income approach. The value-added technique is primarily focused on the value added to a product during the stages of production, whereas the expenditure method is based on investment and consumption.

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