How is National Income derived? What is the GDP? What information does

How is National Income derived? What is the GDP? What information doesit give us about a nation? What is per capita income? If you wanted toknow about the prudence of a country, which would you consider moreimportant, and why? (25 points)National Income is derived through the overall income earned by acountrys people, including labor and capital investment.Gross domestic help product is the sum of gross value added by all residentproducers in the economy plus any product taxes and minus anysubsidies non included in the value of the products.It measures output generated through production by labor and qualitywhich is physically located within the confines of a country.The pursual excerpts are definitions of National Income and GNPaslisted on this websitehttp//members.shaw.ca/h-chartrand/Macro%20+%202.0.htmNational income is the sum of all operator earnings from production ofcurrent goods and services. Factor earnings are incomes of factors ofproduction land (rent), labor (salar ies & wages), and capital(interest and investment income)Gr... How is National Income derived? What is the GDP? What information does How is National Income derived? What is the GDP? What information doesit give us about a nation? What is per capita income? If you wanted toknow about the economy of a country, which would you consider moreimportant, and why? (25 points)National Income is derived through the overall income earned by acountrys people, including labor and capital investment.Gross domestic product is the sum of gross value added by all residentproducers in the economy plus any product taxes and minus anysubsidies not included in the value of the products.It measures output generated through production by labor and propertywhich is physically located within the confines of a country.The following excerpts are definitions of National Income and GNPaslisted on this websitehttp//members.shaw.ca/h-chartrand/Macro%20+%202.0.htmNational income is the sum of all f actor earnings from production ofcurrent goods and services. Factor earnings are incomes of factors ofproduction land (rent), labor (salaries & wages), and capital(interest and investment income)Gr...