which one is a broader concept - National income or domestic income? give reasons
Answers
Answer:
National income is the sum total of factor incomes earned by normal residents of a country during a given year. Domestic income is the sum total of factor incomes generated within the domestic territory of a country. 10. Market price includes the impact of indirect taxes, but not of subsidies.
National income means the value of goods and services produced by a country during a financial year. Thus, it is the net result of all economic activities of any country during a period of one year and is valued in terms of money. ... There are mainly two types of view to define national income.
Domestic income (NDPFC) is the net money value of all the final goods and services produced within the domestic territory of a country during a period of one year.
Explanation:
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