What is Domestic Income
Domestic Income
Income generated (or earned) by factors of production within the country from its own resources is called domestic income or domestic product.
Domestic income includes:
(i) Wages and salaries,
(ii) rents, including imputed house rents,
(iii) interest,
(iv) dividends,
(v) undistributed corporate profits, including surpluses of public undertakings,
(vi) mixed incomes consisting of profits of unincorporated firms, self- employed persons, partnerships, etc., and
(vii) direct taxes.
Since domestic income does not include income earned from abroad, it can also be shown as: Domestic Income = National Income-Net income earned from abroad. Thus the difference between domestic income f and national income is the net income earned from abroad. If we add net income from abroad to domestic income, we get national income, i.e., National Income = Domestic Income + Net income earned from abroad.
But the net national income earned from abroad may be positive or negative. If exports exceed import, net income earned from abroad is positive. In this case, national income is greater than domestic income. On the other hand, when imports exceed exports, net income earned from abroad is negative and domestic income is greater than national income.
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