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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, interest payments, rents, and other forms of earnings received in a given period of time."
In the field of
Gross income can be defined as sum of all revenue. Net income = Revenue - Expenses
Income per capita has been increasing steadily in almost every country. Many factors contribute to people having a higher income such as