what is the difference between facto payment and transfer payment and which of these payment does not include in national income and why?
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actor payment and transfer payment during the production returned are:
(i) Factor Payment:
Payment made to a factor of production in return for rendering productive (or factor) service is called factor payment (or factor income)
This is reward or compensation to factors of production for productive services rendered by them in the production process and for them these are factor income.
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(i) Factor Payment:
Payment made to a factor of production in return for rendering productive (or factor) service is called factor payment (or factor income)
This is reward or compensation to factors of production for productive services rendered by them in the production process and for them these are factor income.
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