What is net national income at factor cost?

Net National Income at Factor Cost (NNI at FC) is a measure of a country's economic performance that represents the total income earned by residents of a nation, excluding depreciation, and evaluated at the cost of factors of production. It includes wages, rents, interest, and profits, reflecting the income generated from the production of goods and services. NNI at FC is crucial for understanding the actual economic welfare of a nation's residents, as it accounts for the income available for consumption and savings after accounting for capital consumption.