SS2 LESSON 5 NATIONAL INCOME ACCOUNTING National income is the total amount of money earned as rents, wages, interests and profits within a country. Or National income is the total value of goods and services produced annually in a country. MAJOR CONCEPTS 1. Gross Domestic Product(GDP): The total monetary value of goods and services produced in a country by nationals or residents within a year without considering income from abroad. 2. Gross National Product (GNP): The total monetary value of goods and services produced in a country by nationals within a year plus net income from abroad GNP=GDP + net income from abroad – output of foreigners 3. Gross National Product at Factor Price: Gross national product at factor cost is defined as the value of all final goods and services at market price produced within a country including net factor income from abroad ...