differenriate between factor income and domestic income
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The difference between the two is whether or not the income (payment) received is for rendering productive service. Payment received in exchange for rendering productive service is factor income whereas the one received without providing any service (or good) in return is transfer income.
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When net factor income earned from abroad is deducted from the national income then the remaining income will be called as the domestic income. Therefore, Net National Income = Gross National Income – Depreciation
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