the difference between income and wealth is that income b)refers to a flow of earnings, while wealth is the stock of assets one has.
Unlike a flow variable like income, wealth is a stock variable. Income defines the quantity of money (or goods) that is earned over a specified period of time, whereas wealth reflects the amount of valuable economic goods that have been collected at a specific point in time.
Income is the accumulation of wealth over time (or subtraction, if it is negative).
A person who has a positive net income over time will eventually become very wealthy. Although it is frequently incorrectly referred to as a measure of wealth, a country's gross domestic product (GDP) can be conceived of as a measure of income (a flow variable) (a stock variable).
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