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Dr. Meghna Jain (pt) posted an Question
September 16, 2021 • 22:42 pm 30 points
  • UGC NET
  • Management

Can u explain the term factor income, domestic income and national income?

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  • Dr. meghna jain (pt)

    can u please explain this in more simpler words ?

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    ok

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    I have edited it in simple words with example. Have you seen it? Still you can ask if not understood.

  • Rucha rajesh shingvekar best-answer

    Factor income is income received from the factors of production: the resources used to produce goods or services. Factor income on the use of land is called rent, income generated from labor is called wages, and income generated from capital is called profit. GDI (Gross Domestic Income) is the total income that all sectors of an economy generate, including wages, profits, and taxes. 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. Example Simply put, income generated by residents and non-residents (i.e., foreigners) within domestic territory of a country is called domestic income and income generated by normal residents within and outside the country is called national income.

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    this answer is exactly the same u have given before kindly explain it in more simpler words or with any example

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    see now

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