Is wealth the same thing as income?
What will be an ideal response?
No, wealth is different from income. Wealth is the value of what people own. Income, however, is an amount that is received during a given time period.
You might also like to view...
If a good is offered to you free of charge, then you
a. never stop consuming it b. stop consuming it when its marginal utility begins to fall c. stop consuming it when its marginal utility begins to increase d. stop consuming it when its marginal utility equals 0 e. stop consuming it when its total utility equals 0
Which of the following is true of inflation?
a. It is an increase in the general price level of goods and services. b. The purchasing power of money increases as the result of inflation. c. Inflation is similar to interest payments on future money income, such as pensions and receipts from outstanding loans. d. Inflation has no effect on real income.