7.1 SOURSE OF INCOME IN MODERN ECONOMIES o Personal income ● by individuals ● per period o earning from selling the factors of production ● Components ●wage- personal labor o rent-use of capital infrastructure (land -classical e) o interest use of money profit -enterprise or entrepreneurship( use of a good idea or running a business)7.1 SOURSE OF INCOME IN MODERN ECONOMIES ⚫ Personal income ⚫ by individuals ⚫ per period ⚫ earning from selling the factors of production ⚫ Components ⚫ wage – personal labor ⚫ rent – use of capital infrastructure (land – classical E) ⚫ interest – use of money ⚫ profit – enterprise or entrepreneurship (use of a good idea or running a business)