Relative income measures your income in relation to other members of society, weighing it against the standards of the day. Absolute income, meanwhile, does not take into consideration those other factors, but simply reflects the total amount of earnings you have received in a given period.
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.
This is the difference between Income and Expenditure in a non-profit making business, where the income exceeds expenditure
Income is money coming in, expenditure is money going out (spending).
Revenue is all the money a business brings in. Net income is revenue minus all the expenses of the business. Net income is profit.
A debt-to-income ratio of more than 20% may indicate that you have borrowed too much relative to your income.
relative absolute
Absolute poverty would be describing someone who owns nothing. Relative poverty is someone who makes less then a certain amount of money per year, putting them well below the average income level.
the difference between income and consumption
there is no difference.
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relative poverty depends on what era or social group you come from like if a grandama thinks it okay to give a baby alcohol to make him sleeo nowadays we would think that is wrong, absolute morality is when something is stricktly right or wrong so you should NEVER kill is absoulute morality.
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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.
eastern absolutism had serfdom as its main form of income while western absolutism had the textile industry
Income effect-change in the amount that consumers will buy because their income changed.substitution effect-change in the amount that consumers will buy because they purchase goods instead.substitution effect the change in demand for a good when the relative price between a good and its substitute changes. income effect the change in demand for a good when the income of the consumer change.
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