Why is national income measurement so important to assess economic performance of a country's economy?
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Expert's answer
2012-03-01T09:34:24-0500
National income is important to assess economic performance of a country’s economy because: - it is the money value of the flow of output of goods and services produced within an economy over a period of time; - it provides various purposes regarding economy, production, trade, consumption, policy formulation, etc; - it shows speed of the economic growth in relation to previous years; - the composition and structure of the national income shows various sectors and the periodical variations in them; - it shows projection about the future development trend of the economy; - it helps business firms in forecasting future demand for their products; - it makes international comparison of people’s living standards.
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