Q.Distinguish between Wealth and Income.

Wealth and income are two terms used loosely as synonyms in everyday language, but Economics distinguishes them sharply. …

Wealth is the stock of economic goods — material, transferable, scarce and possessing money value — that a person or a nation owns at a given point in time; a person's land, house, jewellery, bank balance and shares together make up their wealth at that instant. Income, by contrast, is a flow concept: the earnings, in money or in kind, that a person or a factor of production receives over a period of time — a month or a year — in return for productive services rendered: wages for labour, rent for land, interest for capital, and profit for entrepreneurship. When such income flows are added up for an entire country over a year, the result is the country's National Income. The essential distinction is that wealth is a stock measured at a point in time, while income is a flow measured …

Students often use 'wealth' and 'income' interchangeably in everyday sense; the stock-versus-flow distinction, stated explicit …