Question

Four differences between national income and private income

Answer 1

national income means which adds to the economy of country

private income is ones own income it does not adds to countries economy

Answer 2

Answer:

NATIONAL INCOME

-National income is the total market value of allthe final goods na dservices within domestic territory during an accounting year.

- National Income – Income from domestic product accruing to Government Sector + Transfer incomes

PRIVATE INCOME

-Private income includes only income occuring only to the private sector.

-It also includes net factor income from abroad.

- Private Sector consists of private enterprises and households [factor owners)

-Private Income = Income from domestic product accruing to private sector + Net factor income from abroad + All types of transfer incomes