+2 votes
in Class 12 by kratos

Distinguish between domestic product and national product. When can domestic product be more than national product?

1 Answer

+2 votes
by kratos
 
Best answer

| Domestic Product | National Product |
| 1. money value of all the final goods & services produced wihin the domestic territory of a country is called as domestic product. | 1. Money value of all the final goods & services produced in a country in an accounting year is called as national income |
| 2. It is totally a domestic concept which includes income earned by all the people with in the domestic territory of a country, regardless of residents or non residents. | 2. It deducts the income earned by the non residents in the country which is remitted abroad, and added the factor income earned by residents of a country from abroad. |
| 3. It does not includes NFIA | 3.It includes NFIA |

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