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":

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 ...
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 ...
Yield (finance)
... to various stated rates of return on stocks (common and preferred, and convertible), fixed income instruments (bonds, notes, bills, strips, zero coupon), and some other ... the owner's total return, or just a portion of income, or exceed the income ...
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 ...
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 from businesses and investments ... Income tax systems typically offer exemptions, deductions, or credits which lessen the total tax liability these are frequently a method of rewarding income-use ... Tax structures may allow losses from one type of income to be counted against another ...

Famous quotes containing the word income:

    A sociosphere of contact, control, persuasion and dissuasion, of exhibitions of inhibitions in massive or homeopathic doses...: this is obscenity. All structures turned inside out and exhibited, all operations rendered visible. In America this goes all the way from the bewildering network of aerial telephone and electric wires ... to the concrete multiplication of all the bodily functions in the home, the litany of ingredients on the tiniest can of food, the exhibition of income or IQ.
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    Ralph Waldo Emerson (1803–1882)