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economics and business - Coggle Diagram
economics and business
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wages
the money a worker receives which is based off their hourly rate and how many hours they worked during their pay cycle.
income
the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields
salary
differs from wages because people who are paid a salary are not paid per hour. They have a fixed amount they get paid per year.
profit
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
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