How do differences in the national income of different countries affect their economic development ?

National is the total number of goods and services produced in a country in a given year.

Explanation:

National Income is simply a country's wealth and it goes a long way in shaping the economic development of a country. From, the definition of national income, we should know that every country national income( i.e  the net amount of income of the citizens by production in a year) will differ hence, the difference in their economic  development.

National Incomecan be classified in to two namely:

GDP: Gross domestic product is the aggregate value of goods and services produced in a country. it is used to measure a country 's economic growth.

GNP: Gross National Product on the other hand is the estimated value of the final goods and services produced by a country during a specific period of time (usually a year),before allowance is made for the depreciation or consumption of capital used in the process of production.

IF country A GDP is 52,000 while that of Country B is 45,000. We can say country A is economically developed than country B. i.e Country A is experiencing more positive  growth than country B.

This explains a vivid answer to the above question as all country can not grow at the same rate since their national income differs. the higher the national income of a country, the better  it is from  others.

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total