differentiate between domestic income and national income? (atleast 5 basis)

Gross domestic product is the value of all officially recognized final goods and services produced within a country in a given period.Gross National Product is the market value of all products and services produced in one year by labour and property supplied by the residents of a country
2. Measures value of goods and services produce in a country in a given period of time2. GNP, in addition to the goods and services produced in the country also encompasses the net  income made abroad.
3. Consider value of output that is produced within the geographical area irrespective of whether produced by a domestic redident or a foreign resident.3. Consider value of output produced by a domestic redient only whether living in the domestic country or abroad.
4. GDP per capita is regarded as an indicator stndard of living of the country.  4. Gross National Product (GNP) is a measure of income.
 5. GDP is expressed as GDP = C+ I + G + (X-M), where ’C’ is consumption, ‘I’ is gross investment, ‘G’ is government spending, ‘X’ is exports and ‘M’ is imports.5. GNP = GDP + Net factor income from abroad.

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