deference b/w national and private income
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- NATIONAL INCOME is the income generated by factors of production. But PERSONAL INCOME is the income recieved by factors of production. So personal income is a receipt concept.
- Income of the government sector is included in the NATIONAL INCOME but not included in PERSONAL INCOME.
- Interest on NATIONAL DEBT is not a part of national income. But is a part of PERSONAL INCOME.
- HOPE SO IT WILL BE HELPFUL FOR YOU
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