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Incidental expenses, also known as contingencies, are tips and other minor fees or expenses incurred in addition to the main service, item or activity paid for in the course of business. An income annuity is a financial product designed to exchange a lump sum for a guaranteed periodic cash flow (such as monthly or annual payments). The income approach is a real estate valuation method that uses the income that real estate generates to estimate fair value. The income effect describes how an increase in income can change the amount of goods that consumers will claim. Income elasticity of demand is an economic measure of how much the quantity demanded of a good or service responds to changes in income. Income funds are mutual funds or ETFs that prioritize current income, often in the form of investments that pay interest or dividends. Income in Respect of the Deceased (IRD) refers to non-taxable income that the deceased earned or was entitled to receive during their lifetime. Income inequality studies help to show income inequality between different segments of the population. Per capita income is a measure of the amount of money earned per person in a country or geographic region. Income property is acquired or developed to generate income by renting it out or renting it out to others or by increasing its price.