ABSTRACT
The word income is used indiscriminately with several quite different meanings. Webster defines income as "that gain or recurrent benefit (usually measured in money) which proceeds from labor, business, or property," and also as "revenues" or "receipts."l To the ordinary individual, income usually means receipt of money. Economists, however, are interested primarily in real income, which they think of as a flow of goods or services or as a flow of satisfactions of human wants.
