Question:
Define National Income at factor cost.
Define National Income at factor cost.
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National Income at factor cost is the income generated from the factors of production before adjusting for taxes and subsidies.
Updated On: Nov 5, 2025
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Solution and Explanation
National Income at factor cost refers to the total income earned by the factors of production (labor, land, capital, and entrepreneurship) in the country, without considering taxes or subsidies.
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