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Economic Definition of personal income. Defined.

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Term personal income Definition: The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.

 

« personal consumption expenditures | personal income and disposable income »

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