Income

Income is the consumption and savings opportunity gained by an entity within a specified timeframe, that 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."

For firms, income generally refers to "net-profit"—what remains of revenue total after expenses have been subtracted. 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.

Read more about Income:  Increase in Income, Economic Definitions, Income Inequality, Income in Philosophy and Ethics, Accountancy

Other articles related to "income":

Tennessee - Economy
... In 2003, the per capita personal income was $28,641, 36th in the nation, and 91% of the national per capita personal income of $31,472 ... In 2004, the median household income was $38,550, 41st in the nation, and 87% of the national median of $44,472 ...
Income - Accountancy
... Standards Board (IASB) uses the following definition "Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of ...
Yield (finance)
... rates of return on stocks (common and preferred, and convertible), fixed income instruments (bonds, notes, bills, strips, zero coupon), and some other ... It may be used to state the owner's total return, or just a portion of income, or exceed the income ...
Income Tax - Types - Personal
... A personal or individual income tax is levied as a percentage of a person's wages and salaries, with some deductions permitted, along with the net income or loss ... Income tax systems typically offer exemptions, deductions, or credits which lessen the total tax liability these are frequently a method of rewarding income-use-patterns encouraged ... Tax structures may allow losses from one type of income to be counted against another ...
Income Tax
... An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities) ... Various income tax systems exist, with varying degrees of tax incidence ... Income taxation can be progressive, proportional, or regressive ...

Famous quotes containing the word income:

    There are few sorrows, however poignant, in which a good income is of no avail.
    Logan Pearsall Smith (1865–1946)

    Some rough political choices lie ahead. Should affirmative action be retained? Should preference be given to people on the basis of income rather than race? Should the system be—and can it be—scrapped altogether?
    David K. Shipler (b. 1942)

    I had always been so much taken with the way all English people I knew always were going to see their lawyer. Even if they have no income and do not earn anything they always have a lawyer.
    Gertrude Stein (1874–1946)