Income

Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents, and other forms of earnings received... in a given period of time."

In the field of public economics, the term may refer to the accumulation of both monetary and non-monetary consumption ability, with the former (monetary) being used as a proxy for total income

Increase in income

Income per capita has been increasing steadily in almost every country. Many factors contribute to people having a higher income such as education,globalisation and favorable political circumstances such as economic freedom and peace. Increase in income also tends to lead to people choosing to work less hours. Developed countries (defined as countries with a "developed economy") have higher incomes as opposed to developing countries tending to have lower incomes.

Income (United States legal definitions)

In U.S. business and financial accounting, the income is generally defined by GAAP and the Financial Accounting Standards Board as: Revenues - Expenses; however, many people use it as shorthand for net income, which is the amount of money that a company earns after covering all of its costs as well as taxes.

Net income is also called net profit. It is calculated as follows: