Difference/link between national PRODUCT and national INCOME

Watch
BrownieLover
Badges: 2
Rep:
?
#1
Report Thread starter 5 years ago
#1
What's the distinction between them?
0
reply
KrystalDia
Badges: 0
Rep:
?
#2
Report 5 years ago
#2
(Original post by BrownieLover)
What's the distinction between them?
The total value of production generated by the resources that belongs only to the citizens of a country is called national output or national product. What's important is whether the production was done by a local or a foreigner.

National Product = Domestic Production-Net Foreign Factor Income(Foreign receipts-Payment to foreign factors)

There are 2 methods to calculate national income,
1)Calculating national Income from production method.
2)Calculating national income from income method.

National income of a country depends on national product. National product is the factor which generates national income. In other words, Net National Product(@ Factor Cost)=National Income.

Hope this would help you.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Do you think receiving Teacher Assessed Grades will impact your future?

I'm worried it will negatively impact me getting into university/college (112)
40.73%
I'm worried that I’m not academically prepared for the next stage in my educational journey (29)
10.55%
I'm worried it will impact my future career (21)
7.64%
I'm worried that my grades will be seen as ‘lesser’ because I didn’t take exams (62)
22.55%
I don’t think that receiving these grades will impact my future (32)
11.64%
I think that receiving these grades will affect me in another way (let us know in the discussion!) (19)
6.91%

Watched Threads

View All
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise