Consider the following statements:
1. National Income is the sum of income earned by its residents from the factor services rendered to the production units, only within the geographical boundaries of the country.
2. Factor Income is the income derived from factors of production such as Land, Labour, Capital and Entrepreneurship.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2