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In economics, personal income refers to an individual's total earnings from wages, investment enterprises, and other ventures. It is the sum of all the incomes actually received by all the individuals or household during a given period. Personal income is that income which is actually received by the individuals or households in a country during the year from all sources.
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personal income : personal income is that income which is actually obtained by nationals per-taxes. personal income = national income -undistributed profits of corporations - payments for social security provisions - corporate taxes + government transfer payments + business transfer payments + net interest paid by government. it should be always kept in mind that personal income is a flow concept.