Question

Define the Concept of wealth.Give it's features.​

Answer 1

$\tt\huge\color{#5882FA}{Question:-}$

Define the Concept of wealth. Give it's features.

$\tt\Large\color{#CCEEFF}{Answer:-}$

$\sf\color{gold}{Wealth}$ is defined as, "Anything which is useful directly or indirectly, for satisfying human wants." According to J.M. Keynes, "All that have goat value are called wealth." In economic sense all those goods which have value are termed as wealth. Thus, All the goods having value-in-exchange are included in wealth. Moreover, wealth may be either in the form of material things like cultural material, machinery, household things etc. or may be in the form of non-material things like the service of doctor or an engineer or goodwill of a businessman or as copyright of books etc.

$\tt\large\color{#FF0080}{\:\:\:\: \mid\underline {Characteristics of Wealth}\mid}$

$\sf \color{#B404AE}{\:\:(i)\:\:\:Utility}$

$\sf \color{#DF01D7}{\:\:(ii)\:\:\: Scarcity}$

$\sf \color{#FE2EF7}{\:\:(iii)\:\:\: Transferability}$

$\sf \color{#F781F3}{\:\:(iv)\:\:\:Externality}$

$\sf \color{#F5A9F2}{\:\:(v)\:\:\: Appropriability}$

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