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  • National income is the money value of all the final goods and services produced by the residents of an economy during a period of time, one year.
  • National income can be measured by any of the following three methods, Viz., product method, income method and expenditure method.
  • Theoretically we get identical answers. We have also learnt various concepts in national income estimation. But in actual practice, there are various difficulties involved in estimation of national income.
  • In India national income is estimated by using a combination of Product and Income method.
  • Personal income is the sum of all income actually received by individuals during a given year.

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