1.

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

Answer»
Domestic ProductNational 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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