Economics 8 INCOME AND WEALTH


INCOME AND WEALTH

Income

Types of Income

Income is the amount of money received by a household over a period of time. This income may come from employment, self-employment, dividends, rent or a variety of other sources.

Distribution of Income

Income distribution is the way in which total income is shared out between households. Not everyone receives the same amount of money each year because of wage differences and the uneven ownership of wealth.

Wages

Methods of Payment

Workers sell their labour to employers in return for: