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Income is the consumption an savins opportunity gained bi an entity within a specified timeframe, which is generally expressed in monetar terms.[1] Houiver, for hoosehaulds an individuals, "income is the sum o aw the wages, salaries, profits, interests payments, rents, an ither forms of earnins received... in a gien period o time."[2]


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  1. Barr, N. (2004). Problems and definition of measurement. In Economics of the welfare state. New York: Oxford University Press. pp. 121-124
  2. Case, K. & Fair, R. (2007). Principles of Economics. Upper Saddle River, NJ: Pearson Education. p. 54.