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Income-

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paymentsearned by households for selling or renting their productive services. Mayinclude salary, wages, interest and dividends.

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Medianincome

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themiddle or typical income earned by people in a particular group. The medianincome divides the range of income into two equal halves.

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Meanincome

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theaverage earned by people in a group

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Dividends

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asum of money paid regularly by a company to its shareholders out of its profits

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Wages-

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paymentsfor labor services that are directly tied to time worked or unit of out putprodeuced

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Salaries-

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regular payments (usually monthly or biweekly)made to an employee for services rendered; not explicitly tied to hours worked.

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Tips

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smallamount of additional money given to a person who has performed a service ; oftencalculated as a percentage of the sale price.

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Commission

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the free paid to a sales agent, calculated asa percentage of the sale price of the good or service

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Profits

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income received for entrepreneurial skill andrisk taking; calculated by subtracting all of a ferms costs from its revenues

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Fringebenefit-

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benefits granted to employees , in addition tosalary , which often included health insurance , life insurance , andretirement savings

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Minimumwage

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agovernment enforced minimum hourly wage that must be paid to an employee

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Contract-

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a legal agreement between an employer and employee definingwages, benefits and working conditions for a period of time

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Cost-benefitanalysis-

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benefitsof a business – related action are summed and then the costs associated withtalking the action are subtracted

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Humancapital

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the skills, knowledge, and experiencepossessed by an individual or population, viewed in terms of their value orcost to an organization or county

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Productivity-

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therate at which goods having exchange value are brought forth or produced

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Personalincome tax

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paymentsmade by individuals to the federal government

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Salestax

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taxin the form of a percent of the cost of goods or services, paid to local andstate governments when goods and services are purchased.

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Propertytax-

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a tax on land and structures built on it. payments go tostate and local governments.