explain me these terms - per capita income , national income and gross development product
Per Capita Income is the average income earned per person in an economy during an accounting period. It is estimated by the following formula.
National Income is the aggregate of factor incomes earned by all the factors of production (that are normal residents of a country) within the domestic territory and abroad. It is also known as Net National Product at Factor Cost (NNPFC).
Gross Domestic Product is expressed in terms of market price. GDP MP is the market value of all the final goods and services produced within the domestic territory of a country in an accounting period. It is inclusive of depreciation.
per capita income is the total income earned by a country divided by its population it is used to find the development of a country
national income - total income earned by the nation
I DONT KNOW GROSS DEVELOPMENT PRODUCT if u mean gross domestic product
it refers to the market value of all officially recognized final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living