National Income, Standard Of Living And Protection

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Introduction This course work is based on the topics National Income, Standard of living and Protectionism. The definition of all the above listed are placed in the assignment. The assignmnet includes the indicators of standard of living, the advantages and disadvantages of protectionism. This assignmnet seems to broaden one’s knowledge about the topics listed above. Acknowledgement Sincere thanks goes out to all the persons who have made this assignment a tremendous success. I want to thank the Almighty Father for giving me the health, strength and dedication that I needed to complete this ssignmnet. I would like to thank all the sources where I have obtained my information to be incorporated in this assignmnet. NATIONAL INCOME National income is the total value of all income in a nation. These incomes include: wages and profits, interest and rents, and pension payments, during a given period, usually one year. National income is also defined as, the income generated by a country's production, and therefore the total income of its factors of production. However, with the exception for some adjustments that doesn’t usually enter theoretical models. National Income is the same as Gross Domestic Product (GDP). National income is a measure of the total level of economic activity which takes place in an economy over a year. It is also referred to as a measure of the money value of goods and services available to a nation from economic activity. National income is considered to be the measure of the all the production activities conducted in a country during a certain period of time. It is a tool to indicate the money value of all the goods and services produced during the year. National income helps to understand the economic scenario existing in a particular country. Computation of the National Income for a particular year helps in having the

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