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What is personal income and factor income?Factor Income is the flow of income that is derived from the factors of production, i.e., the general inputs required to produce goods and services. Factor Income on the use of land is called rent, income generated from labor is called wages, and income generated from capital is called profit.
How do you calculate national income personal income and disposable income?For an individual, gross income is your total pay, which is the amount of money you've earned before taxes and other items are deducted. From your gross income, subtract the income taxes you owe. The amount left represents your disposable income.
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How do you calculate personal income quizlet?
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