What is the difference between national income and personal income?

But personal income is the income received by factors of production. So personal income is a receipt concept. (b) Income of the government sector is included in the national income but not included in personal income. © National income is the sum total of income of the factors earned in lieu of productive services. read more

Differences between Private Income and Personal Income are as follows: Private Income: “Private income is the total of factor incomes and transfer incomes received from all sources by private sector (private enterprise and households) within and outside the country.” It also includes net factor income from abroad. read more

The main differences between the national income and product accounts (NIPA's) estimates of personal income and the State estimates of personal income stem from the treatment of the income of U.S. residents who are working abroad and the treatment of the income of foreign residents who are working in the United States. read more