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What is income

The definition of income implies a wide range of applications. In a generalized understanding, income is the means or material assets that were received as a result of an activity for a certain time period.

The economic benefit should be considered the amount of money received in the form of wages, interest, dividends, payments for the use of buildings of factories, equipment, land, other natural resources, revenues and taxes from business activities. From the point of view of economists, income is the means, after paying taxes, that a business subject expects to spend on personal consumption and on personal savings. Also, income means the funds that a subject can spend and this will not affect his economic condition. Revenues are received by individuals and legal entities, as well as the state.

Macroeconomic and microeconomic indicators

In analyzing macroeconomic indicators, the concept of total income or national income is considered. National income is the total income received by resource suppliers for their contribution to the production of gross national product. The total income is the earnings of workers and employees, income from the use of natural resources, buildings, premises, the net percentage of loans to individuals, corporate profits, the net income of owners.

In the microeconomic approach, the activities of individual enterprises are considered. Revenue should also be analyzed in terms of the ability of buyers to purchase goods and services for a currency unit.

What is the estimated income and expenses

Even in the pre-revolutionary period, revenues to the budget were defined as direct and indirect, revenues from enterprises that are under the jurisdiction of the state, revenues that bring monopolies. In the modern world, the country’s budget fills the incomes of budget funds, tax and non-tax revenues from foreign economic activity and property in state ownership. That is, government revenues include operations from foreign exchange, foreign loans, assistance from friendly states, which are sent to fulfill the functions of the state, government payments, fees, taxes. The leading role in filling the state budget belongs to tax revenues.

Income classification

In the economic sphere, the term income has various classifications. For example, it is divided into labor and unearned income. Labor or earned income is a reward for work. Under the unearned income understand the profit that is received from the use of natural resources and capital as rent, dividends, interest. In Western countries, such a classification is used to determine the tax rate.

Income is also divided into nominal and real types. Under the nominal income understand cash income, which comes regardless of changes in prices and taxation. In determining the real income take into account price changes and tax deductions.

Gross turnover of the company receive from their main activities. The turnover of an enterprise includes income from the sale of goods and services, movable and immovable property, royalties, interest on loans provided by enterprises, and other cash receipts.

Incomes that are received in the field of the informal economy are divided into two types: non-market income and illegal income.

Under the economic profit economists mean the difference between costs and turnover of the enterprise. The amount of net income remains at the disposal of the enterprise. From this we conclude that net income is the profit of the enterprise.

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