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Please explain sir

Economics

What is the difference between national income and gross domestic product

Devatha Raghavendra

CA Foundation

★ 0

03-Jul-20 06:16

372

Answers (1)

Gross domestic product measures the value of goods and services produced within a country; the measurement includes national output, expenditures, and income. National income equals GDP plus wages, salaries, and property income of the country's residents earned abroad and at home. It also includes net taxes and subsidies receivable from abroad, according to the Organization for Economic Cooperation and Development.