CBSE 2022 Class 12 Economics Delhi Set 1 (Term 2)

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Question : 2 of 21
 
Marks: +1, -0
Distinguish between Domestic Income and National Income.
Solution:
The sum total of factor incomes generated by all the producing units located within the domestic territory of a country during ap accounting period is called domestic income whereas national income is the sum total of factor incomes earned by normal residents of a country during an accounting year. The difference between the two is net factor income from abroad which is added to domestic income to get national income. National Income = Domestic Income + NFIA
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