What is gross domestic income, GDP, Gross Private Domestic Investment and Personal Income?
Concept introduction:
Gross domestic income:It is the total income received by all the factors of production with in a state.
Gross private domestic investment: Gross private domestic investment is expenditures on capital goods for productive activities in the economy and that are undertaken by the business sector during a given time period.
Personal income:It is the total earnings of an individual from all sources of income such as rent, wages, interests, dividends and so on.
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