Question

Domestic Income and Domestic Product are denta
Concepts [Domestic Income Domestic Product)
here is no difference between the concepts of domestic income and
omestic product'. In fact, the two terms are identical to each other
ecause, all production is ultimately converted into factor incomes
e first round, the firms produce goods by hiring purchasing facto
production from the households. In the second round, the
istribute their revenue (from the sale of final goods) among
wners of the factors of production (households). The households
compensation of employees (for labour). () rent (for lan
trepreneurial​

Answer 1

Answer:

Explanation:

National Income is total amount of goods and services produced within the nation during the given period say, 1 year. It is the total of factor income i.e. wages, interest, rent, profit, received by factors of production i.e. labour, capital, land and entrepreneurship of a nation.

Is also known as National Income at factor cost which means total income earned by resources for their contribution of land, labour, capital and organisational ability. Hence, the sum of the income received by factors of production in the form of rent, wages, interest and profit is called National Income.  

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