The wealth ,is the money you accumulate during years .
The income is the money you earn during a year .
The first one is a stock the second a flow
a
what is the difference between maximising wealth and maximising profits in a corporation and which do you think is superior?
the level of wealth
Wealth refers to the total assets and resources a person has, including money, property, and investments. Being rich typically refers to having a high income or a lot of money. While wealth is a measure of overall financial worth, being rich often focuses on immediate financial status or income level.
You referring to 'income disparity.'
Wealth is what you have in the bank and assets you can sell (house, car, boat, stocks, bonds, ...) Income is what your employer gives you (or you take out of your own company)
What is the difference between a common wealth and a state?
the difference between income and consumption
One is money you earned each week from work; the other is money already saved :)
there is no difference.
a
Wealth is something you have and though it may be a result of one's income it is not necessarily true. Secondly, wealth can be defined somewhat subjectively (as in having an abundance of things or resources) while income is relative (regards money coming into your possession). In some countries 100,000 US dollars in worth makes you rich, but here in America only middle class.
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what is the difference between maximising wealth and maximising profits in a corporation and which do you think is superior?
the level of wealth
The income tax act focuses its concern on total income and the income tax rule focuses on which types of income are taxable. That is the biggest difference between the two.
Wealth refers to the total assets and resources a person has, including money, property, and investments. Being rich typically refers to having a high income or a lot of money. While wealth is a measure of overall financial worth, being rich often focuses on immediate financial status or income level.