The amount of money that an individual, family or business receives over a specific period time period is called income. As we shall see in the next lesson, the work force is comprised of millions of individuals utilizing a myriad of skills. But not all people derive their income from being employed. Many people receive retirement income. A pension is a long term savings account to which employees and their employer both contribute.
Pensions are a reward for years of service on the job.
People may also receive income from either the federal or state government. Government programs which distribute money to individuals are called entitlement programs. The purpose of entitlement programs is to provide temporary, minimal assistance to people who need help obtaining basic necessities such as food, shelter and medical care. Check coins to see when they were minted. Discuss the ways people receive money.