Income

• Income


  Money that a household receives and can be used to buy goods and services
• Types of income


  • Wages
  • Overtime
  • Bonus
  • Benefits in kind
• Wages


  Weekly pay linked to hours worked
• Overtime


  Working extra hours
• Bonus


  Extra pay because the employee worked hard or the firm is doing well
• Benefits in kind


  An employee is given a car or free holiday that can be used for personal use
• Regular income


  • Salaries
  • Predictable amount of money received each week/month
• Irregular income cannot be relied upon