Define personal income.
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Personal income refers to all income collectively received by all individuals or households in a country.
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Personal income :
It is the sum of all incomes received by all individual or households during a given year
Personal Income = National Income + Transfer payments - ( Social Security + Corporate Income Taxes + Undistributed Profits )
Transfer Payments = Income which are not earned but received ( Old age pensions, unemployment compensation relief payments )
Personal Income is the income that households and non- corporate business receive
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