Ask questions which are clear, concise and easy to understand.
Ask QuestionPosted by Khushboo Kri 6 years, 3 months ago
- 1 answers
Posted by Shivanshu Asthana 6 years, 3 months ago
- 0 answers
Posted by Khushaboo Pandey 6 years, 3 months ago
- 1 answers
Jaskanwar Singh 6 years, 3 months ago
Posted by Kanhaiya Lal 6 years, 3 months ago
- 1 answers
Priya Huriyal 6 years, 3 months ago
Posted by Ritu Kumari 6 years, 3 months ago
- 2 answers
Posted by Siddhartha Singh 6 years, 3 months ago
- 1 answers
Posted by Satanjib Das 6 years, 3 months ago
- 2 answers
Jaskirat Singh 6 years, 3 months ago
Arnav Rathore 6 years, 3 months ago
Posted by Dhruv Sethi 6 years, 3 months ago
- 0 answers
Posted by Sunder Singh 6 years, 3 months ago
- 0 answers
Posted by Div¥@N$Hi P@M@® 6 years, 3 months ago
- 0 answers
Posted by Kedar Singh 6 years, 3 months ago
- 0 answers
Posted by Gaurav Kumar 6 years, 3 months ago
- 0 answers
Posted by Ashutosh Singh 6 years, 3 months ago
- 1 answers
Yash Shukla 6 years, 3 months ago
Posted by Poly Chakraborty 6 years, 3 months ago
- 0 answers
Posted by Ashutosh Singh 6 years, 3 months ago
- 2 answers
Kawalpreet Kaur 6 years, 3 months ago
Krishna Yadav 6 years, 3 months ago
Posted by Ankit Singh 6 years, 3 months ago
- 2 answers
Div¥@N$Hi P@M@® 6 years, 3 months ago
Posted by Sukhman Kaur 6 years, 3 months ago
- 3 answers
Astha Gupta 6 years, 3 months ago
Astha Gupta 6 years, 3 months ago
Posted by Manjima Kundu 6 years, 3 months ago
- 2 answers
Posted by Varsha Parihar 6 years, 3 months ago
- 0 answers
Posted by Manjima Kundu 6 years, 3 months ago
- 1 answers
Posted by Ashwani Singh 6 years, 3 months ago
- 0 answers
Posted by Stuti Garg 6 years, 3 months ago
- 3 answers
Posted by Pawan Kumar 6 years, 3 months ago
- 1 answers
Posted by Viinod Kumar 6 years, 3 months ago
- 0 answers
Posted by Ronniemukesh Suryavanshi 6 years, 3 months ago
- 1 answers
Harleen Kaur 6 years, 3 months ago
Posted by Sudhanshu Kumar 6 years, 3 months ago
- 1 answers
Umesh Anand Gupta 6 years, 3 months ago
Posted by Pranab Sen 6 years, 3 months ago
- 1 answers
Yogita Ingle 6 years, 3 months ago
The income of a country may be stated in the context of (i) its territory, and (ii) its residents. The concept of domestic product is based on production units located within domestic (economic) territory operated by both residents and non-residents. In comparison the concept of national product is based on residents and includes their contribution to production both within and outside the domestic territory.
(a) Domestic Income. "It is the sum total of factor incomes generated by all the production units located within domestic (economic) territory of a country during an accounting year". The point to be noted is that factor incomes should be generated within the domestic territory of a country irrespective of the fact whether producers are normal residents (citizens) or non-residents (i.e., foreigners). It is a territorial concept since it is defined with reference to domestic (economic) territory. For example, many non-residential companies and foreign banks operate within domestic territory of India. Income generated by them is included in India's domestic income.
(b) National Income. "It is the sum total of factor incomes accruing to the normal residents both from within and outside the country during an accounting year". The point to be noted is that national income includes factor incomes earned by normal residents within and outside the country. It is an economic concept since it is defined with reference to productive efforts of normal residents.
Difference. Simply put, income generated by residents and non-residents 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. The difference between the two is net factor income from abroad which is added to domestic income to get national income. Symbolically:
National Income = Domestic Income + Net factor income from abroad
In short, domestic income or product is attributed to all the producers within domestic territory of a country whether they are resident producers or non-resident producers. National income or product is attributed to only normal residents of the country within the country or outside.
Posted by Arjun Kartik 6 years, 3 months ago
- 2 answers
Dr. Dashrath Kumar Hinunia 6 years, 3 months ago
Pooja Bhakar 6 years, 3 months ago

myCBSEguide
Trusted by 1 Crore+ Students

Test Generator
Create papers online. It's FREE.

CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
myCBSEguide
Prince Khan 6 years, 3 months ago
1Thank You