Question

✌what is diffrencr between national income nd private income❓.....in economics‼️‼️​

Answer 1

Answer:

National income is the income of the country i.e sum of all the incomes of the individuals of the country...

Private income is the income of the individual person who live sin a country...

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Answer 2

Explanation:

National Income :

1. It includes income of both public and private sector

2. National Income = Net domestic factor income + Net factor income from abroad.

3. In this, Only factor income is included.

4. Total value of goods and services produced annually in a country. It is the sum total of factor incomes earned (generated) by normal residents of a country during an accounting year.

Private Income :

1. It includes income of only private sector holders.

2. Private Income = Personal Income + Corporate Tax + Retained earnings.

3. In this, Both factor income and Transfer income is included.

4. Total of factor incomes and transfer incomes received from all sources by private sector (private enterprise and households) within and outside the country.

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