(2.7) Discuss whether your money, wealth, or income increases in each of the following situations: You have more "money" now because a. the value of your house increases. b. your boss gives you a 10% raise. c. you take cash out of the bank account.

First of all, we need to understand the difference between money, wealth and income in order to understand the given situation well.

Money can be defined as the instrument that is used as a medium in financial transactions where goods or services are bought after paying them in exchange. Whereas, collection of money is regarded as the wealth or sum of all the money which one person has is termed as his or her wealth. The income can be defined as the place from where an individual works and get paid in return of his or her work, means offering your services and getting money in return.

a. the value of your house increases, here your wealth has been increased as the value of your house has been increased.

b. your boss gives you a 10% raise, here in this scenario your income has been increased as your boss has been given you a 10% raise.

c. you take cash out of the bank account, here in this situation your money has been decreased in your bank account, which in return has also decrease your wealth as well.

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