In microeconomics, income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.

What is an example of a income?

The definition of income is the amount of money received by a person, group or company during a certain period of time. An example of an income is a $70,000 a year salary. ... Income from routine or everyday activities, such as the operations of a business or the labor of an individual.

What does the word income mean?

Income is money that a person or a business receives in return for working, providing a product or service, or investing capital. A person's income may also derive from a pension, a government benefit, or a gift. To a government tax agency, income may be taxable, tax-exempt, or tax-reduced.