PROPRIETORS' INCOME: The excess of revenue over explicit production cost of owner-operated businesses. While proprietorships are the namesake and most important contributory to proprietors' income, many partnerships are also included. Because proprietors or partners of owner-operated businesses generally supply several factors of production--labor, capital, land, and entrepreneurship--without explicitly paying for each factor separately, the income received by the owners usually include wage, interest, rent, and profit payments. However, in most it's virtually impossible to identify what portion of the owners income is payment for each factor, so they are combined as proprietors' income.

     See also | wage | interest | rent | profit | factor payments | National Income and Product Accounts | Bureau of Economic Analysis | national income | compensation of employees | net interest | corporate profits | rental income of persons |

PROPRIETORS' INCOME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: August 8, 2022].

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A phase of the business cycle characterized by a general period of rising economic activity. An expansion is one of two basic business cycle phases. The other is contraction. The transition from expansion to contraction is termed a peak and the transition from contraction to expansion is termed a trough. The early phase of an expansion is commonly termed a recovery.

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