Question
19. How is wealth different from income? Wealth refers to the money earned from investments, while income refers to the interest you earn from your savings. Wealth refers to the money saved from expenses , while income refers to the money earned before taxes. Wealth refers to the total value of money earned over a period of time. while income refers to the assets owned. Wealth refers to the total value of assets owned, while income refers to money earned over a period of time. 5 point
Answer
4.7
(295 Votes)
Yolande
Master · Tutor for 5 years
Answer
Wealth refers to the total value of assets owned, while income refers to money earned over a period of time.
Explanation
## Step 1:Understand the question. The question is asking for the distinction between the two economic terms: wealth and income.## Step 2:Define the terms. Income is the amount of money an individual, a business, or a nation receives during a specific timeframe. It can be earned through various means such as salary from employment, profits from business transactions, or interest on loans. Wealth, on the other hand, refers to the value of all assets owned by an individual, business, or nation after all debts have been paid.## Step 3:Compare the definitions to the provided options. The correct option should correctly define both wealth and income.