1.

Distinguish between domestic product and national product. 

Answer»

Difference between domestic product and national product:

Sl. No.Domestic ProductNational Product
iDomestic product is the money value of all the final goods and services produced within domestic territory of a country during a financial year.National product is the money value of all the final goods and services produced by the normal residents of a country during a financial year.
iiIt includes the income of all the residents of the country.It includes the income of only normal residents of the country.
iiiNet factor income from abroad (NFIFA) is not included in it.Net factor income from abroad (NFIFA) is included in it.



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