Question

ᴏᴘᴇɴ ᴘʜᴏᴛᴏ, ᴀɴᴅ ᴀɴsᴡᴇʀ ᴘʟs ​

Answer 1

Answer:

1)Private income: Private income is the total of factors incomes and transfer incomes received from all sources by Private sector within and outside the country.

Put in the form of equation:

Private income= Income from domestic product accruing the Private sector+ Net factor income from abroad+ All types of transfer income.

Now,Net factor income from abroad is also find in this formula:

Net factor income from abroad= Income from domestic product accruing to government sector+ transfer income.

Personal income: Personal income is the sum of earned income and transfer income received by person(household) from all the sources within and outside the country.

Put in form of equation:

Personal income= Private income- corporate tax- undistributed profit.

2) Factor income: Factor income is income received from the Factor of production. The inputs used in the production of goods and services in order to make an economic profit.

Transfer receipts: A transfer receipts is a form of an acknowledgement receipts that provides information about the payment that has been given by a client for a specific transfer.

Hope it helps you

Answer 2

Explanation:

$\huge{\orange{\boxed{\boxed{\boxed{\purple{\underline{\underline{\red{\mathfrak{It's Shruti.....!!!!}}}}}}}}}}$

$\mathfrak{\huge{\pink{\underline{\underline{Answer :}}}}}$

a)“Private income is the total of factor incomes and transfer incomes received from all sources by private sector (private enterprise and households) within and outside the country.” It also includes net factor income from abroad.

b)Factor Income is a payment received in exchange of any good or service while as Transfer Income is received without rendering any service or good. Factor Income includes wages, rents, profit and interest while as Transfer Income comprises gifts, subsidies, donations, pensions, scholarships etc.

$\color{blue}{{Hope it helps you!}}$

$\color{lightgreen}{{MARK IT AS BRAINLIEST!! }}$