Income

Income

Income is money earned for such things as wages, salary, interest, and rent. Throughout history, many have written about the impact of income on morality and society. Saint Paul wrote 'For the love of money is a root for all kings of evil'.

About Income

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 economics, 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.