Income, refers to the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms.[1] 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."[2] For firms, income generally refers to net-profit: what remains of revenue after expenses have been subtracted.[3] In the field of public economics, it may refer to the accumulation of both monetary and non-monetary consumption ability, the former being used as a proxy for total income.[1]
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