Normal Residents, Domestic Territory or Economic Territory
Channel: Sir PC Economics
Date: 2020-05-29

This video includes normal residents and Domestic territory or Ecoomic territory of a country. 
Normal resident refers to a person or institution livign in a coutnry and thier economic interest also lies in that coutnry. 
Normal residents of a country also includes the following elements
i. It includes both individuals and institutions 
ii. It includes the students, patients and tourists living abroad for more than one year but do not have any economic interest there.
iii. It includes the people working in embassies and consulates in rest of the world
iv. It includes the workers crossing the international border of the country to work in other countries and returning back to the native country in the evening. 

Domestic Territory or Economic Territory
According to SNA (System of National Accounts), economic territory or domestic territory of a country refers to the geographical area administered by a government within which persons, goods and capital circulate freely.
 Economic territory or domestic territory includes the following elements:
i. Political frontier of the country including territorial water and territorial airspace. ( Up to 12 nautical mile or 22.2 km territorial water/ Up to 24 nautical mile contiguous zone/ Up to 200 nautical mile is exclusive economic zone,  from the nearest point of baseline, here the country has full control over the resources lying underneath with uninterrupted foreign passage)  
ii. Embassies, consultants, military bases etc. located abroad
iii. Ships, aircrafts, etc operated by the residents between two or more countries
iv. Fishing vessels, oil and natural gas rigs etc operated by residents in the international waters having complete control.