Personal income: -It is the sum total of earned income and transfer incomes received by persons from all sources within and outside the country.
Personal income = private income - corporate tax -corporate savings (undistributed profit)
Private income: consists of factor income and transfer income received from all sources by private sectors within and outside the country.
a
You referring to 'income disparity.'
there is a difference in waste production between low income countries and high income countries because high income countries have more money to spend on raw materials therefore creating more waste.
a direct relationship.
Price theory can be referred to as Micro economics and income as Macro.
a
the difference between income and consumption
What is meant by income inequality? Distinguish between personal and functional distribution of income.
there is no difference.
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The income tax act focuses its concern on total income and the income tax rule focuses on which types of income are taxable. That is the biggest difference between the two.
Gross income is the difference between revenue and direct expenses while net income is the income from all activities of business whether oprating activities or other activities.
cost
The personal distribution of income shows how income, regardless of its source, is divided by quintiles among all the families in the country. The functional distribution of income shows the sources of income, as payments to the four factors of production: labor, entrepreneurs, physical capital, and land (natural resources). The breakdown is: wages and salaries, proprietors' income, corporate profits, interest, and rents.
Income statement & balance sheet.
Personal Income = Disposable Income + Personal Savings
You referring to 'income disparity.'