National Income
National income is the total value of goods and services produced within a country over a specific period of time, usually a year. It is used to measure the economic performance of a country and is an important indicator of the overall health of the economy.
Interrelationship between product on value added income generation & expenditure method of National income Accounting

Product Method:
- The product method calculates national income by summing up the value of all goods and services produced in the economy during a specific period of time.
- It includes the value of all final goods and services produced, excluding intermediate goods to avoid double counting.
- This method calculates national income by adding up the value added at each stage of production in the economy.

Value Added Method:
- The value added method calculates national income by summing up the value added at each stage of production in the economy.
- Value added is the difference between the value of a firm's output and the value of the intermediate goods and services used in production.
- This method helps in avoiding double counting and provides a more accurate measure of national income.

Expenditure Method:
- The expenditure method calculates national income by summing up all the expenditures made in the economy during a specific period of time.
- It includes consumption expenditure, investment expenditure, government expenditure, and net exports (exports minus imports).
- This method provides a comprehensive view of the economy by taking into account all the expenditures made by different sectors.
In conclusion, the product method focuses on the value of goods and services produced, the value added method focuses on the value added at each stage of production, and the expenditure method focuses on the total expenditures made in the economy. These methods are interrelated as they provide different perspectives on the same concept of national income accounting.