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Basic concepts of economics (3)
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In this pdf you will see the types of income and types of economic activities in easy words and in detail.
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What are the various types of income?Ans: ndividual income is a basic concept of Micro Economics. The following arevarious
types of income:
) PERSONAL INCOME
The eornings that a person receives from_ollL sources is_called his persanal
income
2) PERSONAL DISPOSABLE INCOME
It is that part of personal income which is left over after payment of direct
Such as income tax, wealth tax etc.
3) FIXED INCOME
Income which remains stable over a period of time is called as fixed income.
E.g.: rent, salary, wages etc.
4) FLUCTUATING INCOME
Income which is not fixed and keeps an changing or fluctuating is called as
fluctuating income. This income can be positive, negative or zera.
Eg.i profit from business, earnings from stock market investments etc.
S) MONEY INCOME
It is the income which is received in actual cunency of the country. ln other.
Words, it is income in cosh.Eg. s000.
6) REAL INCOME
It is the purchasing power of money income. E.g.: commodities purchased out of
money income.
7) cONTRACTUAL INCOME
This incomeis paid as per the. terms andconditions of contract. E.g. rent, wages,.
professional fees etc
8) RESIDUAL INCOME
Income which is left over after making payments to all factors of production is
called residual income. Egi profit
9) EARNED INCOME
The income that is earned after participating_in a productive activity is called as
earned income, E.g.. rent, interest, wages, profit.
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