Question

Explain briefly the distinction between (1) national income and domestic income (2) GDP at current price and GDP at constant price

Answer 1

Answer:

1.) Basic difference between NATIONAL INCOME and DOMESTIC INCOME................

It happens because national income includes the income of normal resident income only , irrespective of their place of earning. Whereas ,Domestic income includes the income of both resident and non resident, but within the domestic territory of the country.

2.)Main difference between GDP at current prices and GDP at constant prices......................

GDP at current prices are measured at current year prices. Whereas, GDP at constant prices are measured at base year prices.

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