what does "factor income from net domestic product accruing to private sector simply" mean . pls. explain
The economy can be categorised into two broad sectors i.e the private sector and the public sector. Factor income is the income earned by the owners of the factors of production and it is a part of net domestic product. Thus,factor income from net domestic product accruing to private sector simply means the income received by the owners of factors of production in the private sector.