explain income and describe the concept of discretionary income.

Brief Explanations:

Income is the money received, often from work, investments, etc. Discretionary income is the amount of an individual's income that remains after paying for necessary expenses like housing, food, and utilities. It can be used for non - essential items such as vacations, luxury goods, or entertainment.

Answer:

Income is money received. Discretionary income is what remains after essential expenses are paid.