The conversation between human and AI assistant.
Why there are two aspects of income 'domestic and national'?
I would like to discuss the concept of domestic and national income. Why do we differentiate between the two?
Domestic income refers to the total income earned within a country's borders, while national income includes the income earned by a country's citizens both domestically and abroad. The difference is important because it helps to measure a country's economic performance and its contribution to the global economy.