National Debt: Definition, Sources, Pros & Cons
Posted inGovernment & Politics

National Debt: Definition, Sources, Pros & Cons

National debt or public debt is the total debt a country owes to its citizens, governments of other countries or international financial organizations like the World Bank and International Monetary Fund (IMF). The debt which a country owes its citizens is known as internal or domestic debt, while the debt owed to foreign governments or international financial organizations is known as external or foreign debt.
National Income: Definition, Uses & Limitations
Posted inGovernment & Politics

National Income: Definition, Uses, Problems & Limitations

National income is the monetary value of all goods and services produced in a country in a year or the totality of income accruable to all factors of production employed in producing goods and services in the year in the country such as wages, salaries, rents, interests and profits. It is equal to NNP - Indirect Business Taxes.