Difference between National income & private …
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Sia ? 4 years, 5 months ago
Private Income
National income is the total income that is generated by all the economic activities taking place in an economy during a financial year
rivate income is the income generated by any private individual or a household from engaging in any occupational activities or any type of income that is not received as salary or commission
It includes income that is generated from both public and private sectors
It includes income that is generated from the private sector only
Consists of only factor incomes
Consists of transfer earnings along with factor incomes
National Income = Rent + Compensation + Interest + Profit + Mixed income
Private Income = Income from domestic product accruing to private sector + Net factor income from abroad + All types of transfer incomes
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