Final answer:
The three major categories of various income items are labor income, capital income, and transfer receipts. Labor income comes from employment, capital income from assets, and transfer receipts from social benefits.
Step-by-step explanation:
The three major categories of various income items can be broadly classified into labor income, capital income, and transfer receipts.
Labor income includes all forms of earnings from employment, such as wages, salaries, commissions, tips, and bonuses. Essentially, it's the payment one receives for the labor they provide, and it can be influenced by factors like the number of work hours and the wage rates.
Capital income encompasses the earnings from one's ownership of assets like real estate, bank accounts, stocks, and bonds. This includes income such as rent, interest, and dividends. Lastly, transfer receipts are forms of income not acquired through current labor or investment, but rather from social insurance programs or other government benefits. These include Social Security benefits, unemployment insurance, and welfare programs. Each type of income is subject to different taxation rules and rates, impacting one's overall income.