How people derive an income and alternative sources of income (e.g. owning a business, being a shareholder, owning a rental service) western australian HASS curriculum - economics and business year 7

The average Australian household receives about $110,000 in income each year. That income can come from many sources.

Most of us earn income by exchanging our labour - working for a wage or salary, either full-time or part-time.

Many of us receive income because we have 'personal investments' such as ...

deposits in a bank or credit union which pay us interest

apartments in the city

and/or a property where tenants pay rent

and/or shares in companies listed on the stock exchange - in which case we receive a share of profits called a dividend

There are 2.1 million businesses in Australia (most of them owned by one or two people). Business owners pay themselves a wage (if revenue is more than costs) and may receive profit at the end of the year - no guarantees

and others receive transfer payments - temporary income or assistance from the government (social security).

Most Australian households receive a portion of their income from all of these sources.

This presentation accompanies the Economics Teachers Association of WA (ETAWA) professional development material written for Western Australian and Australian Curriculum Economics and Business. This material is available for all Year levels 5-10.

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Greg Parry
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