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Identify and explain the following concept: Rani collected the data of India's National Income for the purpose of study. - Economics

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प्रश्न

Identify and explain the following concept:

Rani collected the data of India's National Income for the purpose of study.

स्पष्ट कीजिए

उत्तर

Concept: National Income

Explanation:

  • National income is the total economic value of all goods and services produced in a country's economy during a specific period of time (usually a year). It includes the output and income of agriculture, industry, and services.
  • National income is calculated by combining income received by the government, companies, and individuals.
  • The Rani collected and studied information on India's national income, which means she was analyzing the country's economic situation.
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