distinguish between income & wealth (1 Viewer)

[haru]

saw this Q in one of the hsc paper, I'm having troubles of distinguish between income and wealth. any help would be appreciated.

 

[volition]

income is a flow, wealth is a stock

 

[haru]

income is a flow, wealth is a stock

thanks but
this was a 2 mark question..i was wondering if there would be a more explanation

 

[Riviet]

Income is the amont of funds that flow to individuals or households usually for their contribution to the production process over a period of time.

Wealth is the total value of stock (of assets) that an individual has accumulated up to a point in time.