please tell me whether net factor incomes from abroad are deducted or not finding personal income from national product ?
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we know, Personal Income = Private Income - Savings of Private Corporate Sector - Corporation Tax.
And, Private income = Factor income accruing to private sector + NFIA + Current Transfers from Government + Current Transfers from Rest of the World
So, you have nothing to do with NFIA while calculating Personal income
And, Private income = Factor income accruing to private sector + NFIA + Current Transfers from Government + Current Transfers from Rest of the World
So, you have nothing to do with NFIA while calculating Personal income
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Gross National Product is the total market value of all final goods and services produced in a year. GNP includes net factor income from abroad whereas GDP does not. So
GNP = GDP + Net factor income from abroad.
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