Asked by Logan Robinson on Jul 16, 2024
Verified
Economic income is equal to consumption plus changes in net worth.
Economic Income
The total value of all earnings received over a period of time, including wages, rental income, interest, and profits.
Consumption
The usage of goods and services by households, including the actions of selecting, purchasing, using, and disposing of products.
- Understand the process of calculating economic income and its elements.
Verified Answer
EM
Ernestine MayesJul 19, 2024
Final Answer :
True
Explanation :
Economic income includes both the consumption of goods and services and the changes in net worth over a period, reflecting the total increase in economic value for an individual or entity.
Learning Objectives
- Understand the process of calculating economic income and its elements.