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:
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.
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