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Distinguish Between.Personal Income and National Income. - Economics

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Distinguish between.

Personal income and National Income.

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Solution

Personal income and National Income.

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