Income Definition Economics Quizlet

A situation in which quantity supplied is greater than quantity.

Income definition economics quizlet. Income is not the same as wealth. 1 wages and salaries paid to people from their jobs. Economic system that has some combination of traditional command and market economies b. Economics that deals with the economy as a whole and uses aggregate measures of output income prices and employment c.

Learn vocabulary terms and more with flashcards games and other study tools. Competing products that can be used in place of one another d. Economic model that pictures income as flowing continuously between businesses and consumers invisible hand a term coined by adam smith to describe the self regulating nature of the marketplace. Income is a flow of money going to factors of production.

Learn vocabulary terms and more with flashcards games and other study tools. Proportional regressive definition. Tax withholding money from paychecks 6 2 employer employee 12 4 self employed regressive tax if income is over 110 000. Income from wages salaries interest dividends business income capital gains and pensions received during a given tax year are considered taxable income in the united states.

An income statement is one of the three major financial statements that reports a company s financial performance over a specific accounting period. Start studying income economics.