National income is a crucial concept in macroeconomics, reflecting the total value of goods and services produced in an economy over a specific period, usually a year. It helps in assessing the economic performance of a country.

Reconstitution of Partnership: Any change in the existing agreement among the partners constitutes reconstitution. Admission of a new partner is one such form of reconstitution.

​When a partner retires or dies, the partnership is reconstituted, leading to a new agreement among the remaining partners.

The termination of the partnership agreement, resulting in the firm ceasing to exist.