Income is the consumption and savings opportunity gained by an
entity within a specified timeframe, which 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."
In the field of public economic, 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.
In the field of public economic, 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.
