What is defined as income?(1 point) Responses a transformation of debt a transformation of debt a shift in the structure of an economic system a shift in the structure of an economic system the money that a person or a country earns the money that a person or a country earns the value of money going down over a period of time the value of money going down over a period of time
The money that a person or a country earns is defined as income.
The correct response is: the money that a person or a country earns.
The correct definition of income is "the money that a person or a country earns." To arrive at this answer, you can eliminate the incorrect options first:
- "A transformation of debt": Debt is not income, so this option can be eliminated.
- "A shift in the structure of an economic system": This does not define income, so this option can also be eliminated.
- "The value of money going down over a period of time": This is known as inflation and does not define income, so this option can be eliminated as well.
By eliminating the incorrect options, you are left with "The money that a person or a country earns" as the correct answer for the definition of income.