What is income and why do people need it?

Income is the money received, typically on a regular basis, for work, investments, or other sources. People need income to meet their basic necessities such as food, housing, and healthcare, as well as to support their lifestyle choices and savings for the future. It serves as a means to achieve financial stability and security, enabling individuals to plan for their long-term goals and aspirations. Ultimately, income plays a crucial role in ensuring a decent quality of life.