economy

definition of family income

The concept of family income designates all those economic income that a family has, this obviously includes the salary, salary, of all those members of the same who work and who therefore receive a salary and all those other income that can be considered extras, such is the case of, for example, a “changa”, the income obtained by an independent undertaking that one of the family members carries out, or that sum of money that is received monthly as income from some property that is owned.

All that family income will be the one that the family in question will have to cover their basic needs and the rest of the expenses that a family normally has.

It should be noted that family income turns out to be a very important and relevant economic indicator that scholars who prepare statistics on living standards in different countries study because it precisely allows us to know the living standards that exist in this or that geographic location.

But not only here and when it comes to statistics does it matter, it also turns out to be of great importance at the request of loans, since when a company or a financial institution must respond to the request for a loan of money that someone makes, they will study the level beforehand. family income to decide whether or not to grant it.

And not to mention how important it is to know the family income of the different segments of the population for companies that produce goods and services, because precisely through this value they will know to whom to offer their products on time. That is, knowing this value in advance allows companies that produce a certain service to develop a promotional campaign directed directly to the public that will be able to acquire it without problems because it has that income to do so.

Those companies that produce luxury goods will dedicate all promotional efforts to reach those high-income families because it is precisely these that will be financially able to buy them.

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