Distinguish between private income and personal income
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PRIVATE INCOME :: income that we earn from our private sector or private business...
PERSONAL INCOME ::income that we earn from do hard work like sa making house , building etc .
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Private income is the total income earned by a private sector company whereas personal income is the sum of total income earned and income received by transfer.
What is the relation between private income and personal income?
- Private income is larger than personal income because personal income includes profits and taxes
- The private income is equal to the sum of all the private sector income and transferred income whereas personal income is the difference between private income and taxes
- Private income is the national income whereas personal income is the domestic income
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