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Before people can consume anything, they must do two things. 1_______________________________. Then they must decide how the money will be spent. 2________________________________.
Most of the income comes from work. In return for working, people receive a wage or a salary. 3_______________________________. “Salary” refers to earnings paid on a weekly or monthly basis. 4________________________________.
First they must earn the income to buy the things they want.
There are two ways to earn income: from work and from the use of wealth.
The term “wage” typically refers to the earnings of workers paid by the hour or unit of production.
How much you earn will depend on the kind of job, the abilities, the performance, and a number of other factors.