ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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creativity
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income
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time
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health
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Detailed explanation-1: -Private income is either: any type of income received by a private individual or household, often derived from occupational activities, or. income of an individual that is not in the form of a salary, wage, or commission (e.g. income from investments or renting land or other property).
Detailed explanation-2: -Types of Private Sector Businesses Sole proprietorships. Partnerships. Small and mid-sized businesses.
Detailed explanation-3: -Plumbers, technicians, contractors, developers and designers – Examples of private sector.
Detailed explanation-4: -Put in the form of equations: Personal income = Private income – Corporate tax – Undistributed profit. = National income – Income of govt. ( public) sector – Corporate tax – Undistributed profit + All types of transfer incomes. = Domestic income – Income from domestic product accruing to govt.