Measures of national income & output

A manner of measures of national income together with output are used in economics to estimate result economic activity in a country or region, including gross home product GDP, gross national product GNP, net national income NNI, and adjusted national income NNI adjusted for natural resource depletion – also called as NNI at factor cost. any are specially concerned with counting the written amount of goods and services offered within the economy and by various sectors. The boundary is usually defined by geography or citizenship, and it is for also defined as the total income of the nation and also restrict the goods and services that are counted. For instance, some measures count only goods & services that are exchanged for money, excluding bartered goods, while other measures may attempt to add bartered goods by imputing monetary values to them.

National accounts

Arriving at a figure for the total production of goods and services in a large region like a country entails a large amount of data-collection and calculation. Although some attempts were made to estimate national incomes as long before as the 17th century, the systematic keeping of national accounts, of which these figures are a part, only began in the 1930s, in the United States and some European countries. The impetus for that major statistical try was the Great Depression and the rise of Keynesian economics, which prescribed a greater role for the government in managing an economy, and made it necessary for governments to obtain accurate information so that their interventions into the economy could keep on as well-informed as possible.