distinguish between national income and domestic income - Economics - National Income Accounting

Question

distinguish between national income and domestic income

Charu Kashyap · Accepted Answer

Dear Student,

GDP
GNP

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 time
2 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

Regards

GDP	GNP
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 time	2. 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.