National Income Accounting

National Income Accounting

It is a bookkeeping system that a national government uses to measure the level of the country's economic activity in a given time period.

Activities Included: Accounting records of this nature include data regarding total revenues earned by domestic corporations, wages paid to foreign and domestic workers, and the amount spent on sales and income taxes by corporations and individuals residing in the country

Difference Between Factor Cost and Market Price

Factor Cost

1. There are a number of inputs that are included into a production process when producing goods and services.

2. These inputs are commonly known as ....