define national income and national output as used in economics

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National output is the total value of everything a country produces in a given time period. Everything that is produced and sold generates income. Therefore, output and income are usually considered equivalent and the two terms are often used interchangeably. Output can be measured as total income, or, it can be viewed from the production side and measured as the total value of final goods and services or the sum of all value added in the economy.

national output and national income deal with the total value of goods and services produced in a country. a better explanation is given below.

joseph irungu answered 2 years ago

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