Question

"National product is equal to national income in a two-sector economy ". Comment . Also mention different phase of a circular flow of income.

Answer 1

Answer:

no comment

Explanation:

no comment about national product is equal to national income in a two sectoron economy.

Answer 2

It means, total money value of output is given to factors of production in the form of rent, wages, interest and profit for their factor services So, national product (Value of the goods and services produced) is exactly equal to national income (income generated).