Question

Mikah invented and patented a new product which sells in local department stores. This is an example of _____ income. A. Capital gains b. Earned c. Hourly d. Passive.

Answer 1

The new product that was invented, patented and sold in local department stores is an example of: D. Passive income.

An income can be defined as an amount of money that an individual or business firm earn in return for the sales of its product or for providing a service, to consumers.

In Economics, there are three (3) main types of income and these include:

• Earned income

• Portfolio income

• Passive income

A passive income generally requires minimal amount of labor from an individual or business firm and as such it is usually earned from patented products or rental products on a regular basis.

Read more on passive income here: brainly.com/question/1246309