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National income 2.4
National Income 2.4.1
part b- distinction between income and wealth
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Cards (4)
what's wealth?
Wealth is a
stock
of
assets owned
by
individuals
or
firms
in the
economy
what are assets ?
actual money
e.g
savings
and
physical items
e.g
houses
or
cars
how is wealth a stock concept?
stockpile
of
resources-
aren't currently being used in the
circular flow
of
income
but could be
used
How's a correlation of wealth and income?
Countries
with
high levels
of
wealth
have
high
levels of
income
and vice versa
