Question

What is the difference between money and income? Can there be expenditure without money?

Answer 1

Money = coins or banknotes accepted generally.
Income = inflow of money/ money's worth in a particular timeframe (a month, a quarter, a year).

Money is an intangible concept, which means it cannot be touched, it cannot be smelled; however it can be seen in terms of numbers. Money does have a few properties such as it must be a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Income is defined as the consumption and savings opportunity that is gained following deducting all necessary expenses. The money that is saved after all the expenses have been deducted is considered as an income.

Money has now become a complete intangible concept that is represented by numbers in the system.Money has now become a complete intangible concept that is represented by numbers in the system.According to the Principles of Economics, for household and individuals the term can also refer to “income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received in a given period of time.

Expenditure itself defines it as the amount of money that a government or person spends or the spending of money on something, or the money that is spent on something whereas

Expenditure of something such as time or energy is the using of that thing for a particular purpose.

So, expenditure not only about spending money can also be time, energy or any other that can be expended.