Question

What is the difference between income and wealth of a country? Is GDP a measure of...

  1. What is the difference between income and wealth of a country?
  2. Is GDP a measure of income or wealth or both or neither?   
  3. Do you think we should care about measuring the wealth of a country? Why or why not?
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Answer #1

A)Income means money received by a person over some period of time .like wages,salaries etc.

While wealth means how much stock of assets held by a person at particular point.

B) GDP is measure of income.It is measure of income.GDP tell about what the domestics goods and services produced in a country in a financial year.

C)we should care about measuring of wealth because wealth measurement talks about how much asset held by an individual hence when a person is having more assets it means his net worth is increasing.hence we should care about it.

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