ENTREPRENEURSHIP

Detailed explanation-1: -National income is the sum total of factor incomes earned by normal residents of a country during a given year. Domestic income is the sum total of factor incomes generated within the domestic territory of a country.

Detailed explanation-2: -Domestic Income implies the income accrued to both residents and non-residents within the geographical boundaries of the country. National Income is described as the income accrued to the ordinary residents of the country, irrespective of their geographical location (i.e. within and outside the country).

Detailed explanation-3: -The net domestic product (NDP) equals the gross domestic product (GDP) minus depreciation on a country’s capital goods.

Detailed explanation-4: -Gross domestic product (GDP) is the value of the finished domestic goods and services produced within a nation’s borders. On the other hand, gross national product (GNP) is the value of all finished goods and services owned by a country’s citizens, whether or not those goods are produced in that country.