net national income
Natural capital comprises such assets as land, forests, and subsoil resources. GNP does not include the services used to produce manufactured goods because its value is included in the price of the finished product. | Gross Domestic Product, abbreviated as GDP, is the aggregate value of goods and services produced in a country. Defence and Development: National income estimates help us to bifurcate the national product between defence and development purposes of the country. From such figures, we can easily know, how much can be set aside for the defence budget. Computation of National Income is very vital as it indicates the overall health of our economy for that particular year. Net national income encompasses the income of households, businesses, and the government. According to this method, the aggregate value of final goods and services produced in a country during a financial year is computed at market prices. It also includes net income arising in a country from abroad. Description: The map below shows how Adjusted net national income (annual % growth) varies by country. Thus, the concept national income has different meanings. Which method is to be used depends on the availability of data in a country and the purpose in hand. South America ADVERTISEMENTS: National income is the total money value of goods and services produced by a country in a particular period of time. GNP measures the value of goods and services produced by only a country's citizens but both within and outside the country’s borders. It also includes net income arising in a country from abroad. Net national income is defined as gross domestic product plus net receipts of wages , salaries and property income from abroad, minus the depreciation of fixed capital assets (dwellings, buildings, machinery, transport equipment and physical infrastructure) through wear and tear and obsolescence. Formula []. Thus, adjusted net national income remains within the boundaries of the United Nations System of National Accounts (SNA). For recent years adjusted net national income gives a picture of economic growth that is strikingly different from the one provided by GDP. The total expenditure by the society in a financial year is summed up together and includes personal consumption expenditure, net domestic investment, government expenditure on goods and services, and net foreign investment. Net national income (NNI) is a type of national income accounting defined as gross national income minus the depreciation of fixed capital assets (dwellings, buildings, machinery, transport equipment and physical infrastructure) through wear and tear and obsolescence.   ☭ Socialist Economy. National income may also be defined as the money measure of the net aggregates of all commodities and services accruing to the inhabitants of an economy during a year. National income is the sum total of the value of all the goods and services manufactured by the residents of the country, in a year., within its domestic boundaries or outside. [1] In that sense it is very similar to Net Domestic Product.

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