OMTEX CLASSES: Personal income and National Income

Personal income and National Income

Personal income and National Income


Personal Income
National Income
Meaning:
Personal income is the sum of all incomes actually received by an individual or household from all the sources during a given year.

The national income is the aggregate monetary value of all final goods and services produced in a country during one year.
Concept:
Study of personal income comes under the microeconomics. It is a microeconomic concept.

Study of national income comes under macroeconomics. It is macroevonomic concept.