Question

explain the term income as used in economic

Answer 1

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Income is money what an individual or business receives in exchange for providing labor, producing a good or service, or through investing capital.

Individuals most often earn income through wages or salary.

Businesses earn income from selling goods or services above their cost of production.

Tax authorities treat income earned through various means differently.

Explanation:

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Answer 2

Explanation:

Income is money what an individual or business receives in exchange for providing labor, producing a good or service, or through investing capital. Individuals most often earn income through wages or salary. Businesses earn income from selling goods or services above their cost of production.