In macroeconomics, what are the specific differences between income, products, revenue, and profit?
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Can someone explain what these terms mean and/or how they relate to firms and households as well as to product markets and resource markets? Thanks.
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Answer:
Imagine you work as an exotic dancer. Product is what you sell - your body and your dancing skills. Revenue is the money your clients pay you. Income and profit are same - its the money left over after you pay your rent and bills and buy food and whatever supplies and services you need to keep your body in shape.
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