Gross national income
Definition. Gross National Income is the total income earned by the factors of production owned by a country residents, regardless of where those factors are located. It equals Gross Domestic Product plus net factor income received from abroad, the difference between income earned overseas by residents and income paid to foreigners domestically.
Gross National Income can be a better gauge of national wellbeing than Gross Domestic Product for economies with large flows of foreign owned investment or many foreign workers.
This term belongs to National Income and GDP in A Level Economics. Read the full chapter for the diagrams, worked examples and exam technique.
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