Legal Definitions - aggregate income

Definition: Aggregate income refers to the total amount of income earned by all individuals or entities within a particular group or society. This includes wages, salaries, profits, and other sources of income.

Example: In a small town, the aggregate income of all residents is $1 million per year. This includes the income earned by people who work at the local factory, the grocery store, and other businesses in the town.

Explanation: The example illustrates how aggregate income is the sum of all individual incomes within a particular group or society. In this case, the aggregate income of the small town is the total amount earned by all residents, regardless of their occupation or source of income.