Answer to Question #320560 in Macroeconomics for Buhle

Question

Explain why money is not income

Answer 1

Money and income are two distinct words that allude to two different things. Money is considered as an intangible concept that is only visible in numbers whereas income is the amount of money that an individual has managed to save following their spending. Similarly, unearned Income is all income that is not earned such as Social Security benefits, pensions, State disability payments, unemployment benefits, interest income, dividends and cash from friends and relatives. In-Kind Income is food, shelter, or both that you get for free or for less than its fair market value.