personal income and national income
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Define personal income and national income (economic concepts). In economics, how does personal income differ from national income?
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The solution defines personal income and national income (economic concepts).
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Define personal income and national income
Total personal income is defined by the United States' Bureau of Economic Analysis as:
income received by persons from all sources. It includes income received from participation in production as well as from government and business transfer payments. It is the sum of compensation of employees (received), supplements to wages and salaries, proprietors' income with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj), rental income of persons with CCAdj, personal income receipts on ...
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