Question

Describe the concept of private income.

Answer 1

Answer:

Private Income refers to income of non-governmental entities from all sources over a period of one accounting year. It represents income of firms and households from all possible sources. Incomes under this head include transfer payments and other unilateral transactions that equip private individuals and entities with purchasing power.

________________________________________✧Private Income = Factor Income accruing to private sector + Net Factor Income From abroad + Current Transfers From Government + Current Transfers From Rest of the World.

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Explanation:

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Answer 2

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