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Define Or Explain the Following Concept: Personal Income - Economics

Short Note

Define or explain the following concept:

 Personal income

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Solution

Personal Income refers to the total income actually received by an individual or household from all the sources i.e. factor incomes and current transfers.

Personal Income = Private Income – Corporate Savings – Corporate Tax

It excludes profits that the corporate retains and also excludes corporate taxes.

Concept: Concept of National Income
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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 9 National Income
Exercise | Q 1.3 | Page 79
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