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National Income Accounting

Question
CBSEENEC12013213
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What do you understand by domestic income (NDPFC)?

Solution
Meaning. Domestic income is the sum total of factor incomes generated by all the production units located within the domestic territory of a country during a period of account. It does not matter whether the producer is the normal resident or foreigner. What is essential is that production is done within the domestic territory of the country. Again domestic income does not include 'net factor income earned from abroad'. Now we discuss components of domestic income in detail which facilitate solution of numerical sums.

Some More Questions From National Income Accounting Chapter

Briefly explain the following basic concepts related to NI:
 National Income (NI).

Briefly explain the following basic concepts related to NI:
Final Goods and Intermediate Goods. 

Briefly explain the following basic concepts related to NI:
Consumption Goods and Capital Goods

Briefly explain the following basic concepts related to NI:
Flow and Stock Concepts

Briefly explain the following basic concepts related to NI:
Gross Investment and Net Investment

Briefly explain the following basic concepts related to NI:
Domestic (Economic) Territory

Briefly explain the following basic concepts related to NI:
Normal Residents

Briefly explain the following basic concepts related to NI:
National Income at Current and Constant Prices (Nominal and Real NI).

Briefly explain the following basic concepts related to NI:
Consumption of Fixed Capital (Depreciation).

Briefly explain the following basic concepts related to NI:
Factor Cost vs. Market Price (or Net Indirect Taxes)

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