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what is functional distribution of income

It is the division of income on the basis of industry sources, for example, agriculture, transportation, mining,etc

what is personal distribution of income

It refers to the way income is distributed among specific households or spending units

Income data that show the percentage of total income received by each fifth of all households describe

personal distribution of income

Income data that show how total income is distributed as wages, rents, interest, and profits describe

functional distribution of income

what does the largest functional share of the national income consists of

wages and salaries

The personal distribution of income in the United States is such that the richest fifth receives about _____ percent of personal income

50% of personal income

A rapid rise in profits relative to other types of income would affect

both the functional and personal distributions of income.

Economists define saving as

Saving is that part of after-tax income which is not consumed