Question

Domestic Income and Domestic Product are identical
Concepts [Domestic Income = Domestic Product]
There is no difference between the concepts of domestic income' and
domestic product'. In fact, the two terms are identical to each other.
Because, all production is ultimately converted into factor incomes. In
the first round, the firms produce goods by hiring/purchasing factors
of production from the households. In the second round, the firms
distribute their revenue (from the sale of final goods) among the
owners of the factors of production (households). The households are
paid (1) compensation of employees (for labour), (ii) rent (for land).
(in) interest (for capital), and (iv) profit (for entrepreneurial skill).
Thus, domestic income (the sum total of factor incomes) is obviously
equal to domestic product. We can write that:
Domestic Income = Domestic Product​

Answer 1

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