The National Income Accounts t National Product and National Income National income >>It is earned over a period by its factors of production >>It must equal the gnp a country generates over some period of time. a One persons spending is anothers income (i. e, total spending must equal total income)8 ◼ National Product and National Income – National Income »It is earned over a period by its factors of production. »It must equal the GNP a country generates over some period of time. ◼ One person’s spending is another’s income (i.e., total spending must equal total income). The National Income Accounts