distinguish between personal wealth and national wealth
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This refers to all material possessions of an individual which conform the four characteristics of wealth discussed above. This includes transferable material goods like land, building, furniture’s, ornaments and also bonds and shares of an individual. On the other hand, the loans made by an individual are treated as negative wealth.
National wealth is also known as social wealth. The following elements are taken into account for the calculation of national wealth.
(i) Public property like roads, railways, dams, bridges, parks, canals, museums, ports, monuments etc. constitute national wealth
Explanation:
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