Question

Identify and explain the following concept:

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

Answer 1

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.