Basic concepts of macro economics

Factor Income vs Transfer Income

Factor Income vs Transfer Income – Economics Explained Factor Income vs Transfer Income Easy-to-understand economics for students with real-life examples What’s the Difference? In economics, income can be classified into two main types: Factor Income and Transfer Income. Understanding the difference between them is important because: Key Difference Factor income is included in national income […]

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Domestic Territory in economics

Understanding Domestic Territory in Economics Today we will learn about an important concept in Economics called Domestic Territory. This concept is very important for calculating national income. What is Domestic Territory? Domestic Territory is the geographical area that a country’s government controls or manages. It’s the place where people, goods, and money can move around