Income is a flow of money that is supplied to an individual weekly, monthly or even annually. Income can be in the form of salaries, wages, rent, dividends, pensions, interest and so on. Earned incomes are flows such as salaries and wages, wheres unearned incomes are flows such as inherited money, benefits or pensions.
Incomes can change over time as an individual becomes more experienced in their fields of work. For example, someone fresh out of university would generally not be able to generate a high income,whereas someone in the same type of job, but with much more experience, would be able to secure a higher income. More experienced workers are generally sought out more, since they would be able to understand the job well and thus can offer more assistance to their employers.
Workers with special skill sets and individuals who have undergone special higher education courses would also be able to earn higher incomes. Since these individuals have rare skill sets that are difficult to learn, their services will be in high demand, meaning that employers would be willing to pay them high incomes, since employers would believe that these individuals would be a strong component in the firm/company/business.
