Question

what is income why is income essential

Answer 1

Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents, and other forms of earnings received... in a given period of time.

In the field of public economics, the term may refer to the accumulation of both monetary and non-monetary consumption ability, with the former (monetary) being used as a proxy for total income.

Answer 2

in come means money recieved /money coming in is called income..{.it is helpful in providing information to the govt.} and firms for economic planning
now a days income is very important for a living because money in our hand is income and if u have money with u only u can purchase anything so it is very important