Women retirees spent about 15% of their total income on medical costs while men spent 9%.
What is income?
- The term income usually refers to the transfer of money, property, and other value received over a period of time in exchange for services and products.
- Income is defined according to the context in which the term is used.
- Income, as commonly understood in economics, is theoretically defined as the maximum amount a household or other unit can consume without reducing its real net worth.
- Income is money received by an individual or business in exchange for providing work, producing goods or services, or investing capital.
- While individuals usually earn their income through wages or salaries, businesses generate income from the sale of goods or services that exceed their production costs.
- Income is often considered synonymous with income, as both terms refer to positive cash flow.
- However, in the context of finance, the term income most often refers to earnings or net profit.
- This is because it represents the total amount of income remaining after taking into account all expenses and additional income.
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