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. Continue reading