Maharashtra State BoardHSC Commerce 12th Board Exam
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Distinguish Between the Following. - Economics

Distinguish Between

Distinguish between the following.

Personal income and Disposable income

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Solution

Personal Income
Disposable Income 
Personal income is the sum of all incomes actually received by an individual or household from all the sources during a given year. There are other personal taxes which are not considered when calculating personal income. In order to derive disposable personal income we must subtract these personal taxes from personal income.
PI = Disposable Income + Personal Income Taxes. DI = Personal Income - Personal Income Taxes.
Concept: Concept of National Income
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