Question

3
Answer the following question
Explain characteristics of Wealth
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Answer 1

Answer:

Given Below

Explanation:

Characteristics of Wealth

(1) It must possess utility. It must have the power to satisfy a want. ...

(2) It must be limited in supply. For example, air and sunshine are essential for life. ...

(3) Wealth should be transferable. ...

(4) It must have money value.

(5) It may be external.

Answer 2

Answer:

Wealth refers to 'anything which has market value and can be exchanged for money.'  To be regarded as wealth, a commodity must possess the following characteristics:-

1) Utility:- A commodity must have the capacity to satisfy human wants.

2)Scarcity:- A commodity must be scarce in supply in relation to its demand if it is to be included in the term 'wealth'.

3)Transferability:- A commodity should be transferable from person to person as well as place to place. If the good is tangible then only it is possible to transfer it from place to place.

4)Externality:- A good can be transferred only if it is external to human body.

Explanation: