Income

Income means money that a person, household, or business receives. In simple terms, income is money coming in. Income is important because it affects how much people can spend, save, invest, or use to pay bills. When income rises, people may have more room to buy goods and services, which can support the economy. For example, wages from a job, business profits, rental payments, and interest from savings can all be types of income. Income is not the same as wealth. Income is money received over time, while wealth is the total value of what someone owns minus what they owe.