Option 1 states that Personal Disposable Income equals Personal Income minus Direct taxes paid by households and miscellaneous fees, fines, etc. This means that Personal Disposable Income is the amount of income that individuals have available for spending or saving after deducting the taxes they have paid and any other miscellaneous fees or fines.
Option 2 states that Private Income-Saving of Private Corporate Sectors-Corporation Tax equals Personal Disposable Income. However, this option is incorrect as it does not accurately describe the concept of Personal Disposable Income.
Option 3 states that Private Income minus Taxes equals Personal Disposable Income. This option is not a precise definition of Personal Disposable Income as it does not account for other deductions or fees.
Option 4 states that Total expenditure of Households minus Income Tax and Gifts received equals Personal Disposable Income. This option is also incorrect as it does not provide an accurate explanation of Personal Disposable Income.
Therefore, the correct answer is option 1, which correctly defines Personal Disposable Income as Personal Income minus Direct taxes paid by households and miscellaneous fees, fines, etc.