Define personal income and disposable income.
|NU Year||Set: 2.(e) Marks: 4 Year: 2012 Set: 6.(c) Marks: 4 Year: 2014|
Personal income refers to all income collectively received by all individuals or households in a country. Personal income includes compensation from a number of sources including salaries, wages, and bonuses received from employment or self-employment; dividends and distributions received from investments; rental receipts from real estate investments and profit-sharing from businesses.