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Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents, and other forms of earnings received... in a given period of time."
In the field of public economics, the term may refer to the accumulation of both monetary and non-monetary consumption ability, with the former (monetary) being used as a proxy for total income.
Income per capita has been increasing steadily in almost every country. Many factors contribute to people having a higher income such as education,globalisation and favorable political circumstances such as economic freedom and peace. Increase in income also tends to lead to people choosing to work less hours. Developed countries (defined as countries with a "developed economy") have higher incomes as opposed to developing countries tending to have lower incomes.
In economics, "factor income" is the return accruing for a person, or a nation, derived from the "factors of production": rental income, wages generated by labor, the interest created by capital, and profits from entrepreneurial ventures.
In consumer theory 'income' is another name for the "budget constraint," an amount to be spent on different goods x and y in quantities and at prices and . The basic equation for this is
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