Personal income and National Income
Personal Income
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National Income
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Meaning:
Personal income is the sum of all incomes actually received by an individual or household from all the sources during a given year.
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The national income is the aggregate monetary value of all final goods and services produced in a country during one year.
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Concept:
Study of personal income comes under the microeconomics. It is a microeconomic concept.
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Study of national income comes under macroeconomics. It is macroevonomic concept.
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