Income
Money received from work, self-employment, property, government programs, investments, or retirement accounts.
Most consumers earn income by working for a business, a nonprofit, or a government entity, and spend it on the products that address their problems, needs, and wants. What survives the spending is what can be saved.
Often confused with
- Saving
- Income is money arriving; saving is the share of that money you keep back.
Taught in
See also
3.1.A.1