Share This Article:

Economic Definition of income. Defined.

Offline Version: PDF

Term income Definition: Revenue earned or received by households that can be used for consumption or saving. For the aggregate economy, earned income is termed national income, while received income is termed personal income. The key is that income for the aggregate economy is generated in the production of goods and services.


« incentive | utility analysis income change »


Alphabetical Reference to Over 2,000 Economic Terms