Income refers to the amount of money that an individual or a business receives within a certain time period. An income may be given as a result of services or earnings from a financial investment.

Income is often expressed in monetary terms. Most people, for instance earn this money through employment. They receive a fixed amount during a certain period as a payment for the labor or service they've rendered. However, it is important to note that an income varies among individuals. It is influenced by several factors such as job performance, age and work experience, human-capital difference, and government policies and programs.

The job performance of an employee usually indicates the amount that he or she receives. This means that a person who is willing to work more ends up receiving a higher pay. Similarly, an individual who takes in different types of job earns a higher income as compared to a person with only one job.

Age and work experience are also important elements that significantly affects a person's income rate. This is because earnings tend to appreciate when an employee gains work experience as most companies equate age and experience with productivity.

Government policies are also determining factors when it comes to income. Programs such as progressive tax and minimum wage causes a person's income to either increase or decrease.