what is income elasticity of demand? 11 com. (ECO)
chapter 3 DEMAND.
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Answers
Explanation:
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Explanation:
That an individual or business receives, usually in exchange for providing a good or service or through investing capital. Income is used to fund day-to-day expenditures. Investments, pensions, and Social Security are primary sources of income for retirees. For individuals, income is most often received in the form of wages or salary. Business income can refer to a company's remaining revenues after paying all expenses and taxes. In this case, income is referred to as "earnings.” Most forms of income are subject to taxation.
KEY TAKEAWAYS
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.
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