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For each of the scenarios, identify the type of income earned based on the categories of income approach?

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User Heathbar
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Final answer:

In a market economy, income can come from various sources including labor, rental, and investment income.

Step-by-step explanation:

The type of income earned in each scenario can be identified using the categories of income approach. In a market economy like the United States, income comes from ownership of resources or assets. The most common type of income is labor income, which includes wages, salaries, commissions, and tips earned from working. Another type of income is rental income, which is earned from owning and renting out real estate. Lastly, there is investment income, which includes interest, dividends, and other earnings from financial assets like bank accounts, stocks, and bonds.

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User Bdoserror
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