examples of international wealth
Answers
Explanation:
WEALTH - DEFINITION
Wealth is defined as, "Anything which is useful, directly or indirectly, for satisfying human wants." According to J. M. Keynes, "All that have got 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 agriculture material, machinery, household things, etc. or may be in the form of of non-material things like the service of doctor or an engineer or goodwill of a businessman or as copyright of books, ete.
CHARACTERISTICS OF WEALTH - DEFINITION
Characteristics of wealth:
(i) Utility
(ii) Scarcity
(iii) Transferability
(iv) Externality
(v) Appropriability
CLASSIFICATION OF WEALTH - DEFINITION
Classification of wealth:
(1) Individual or Private or Personal wealth
(2) Public or Social wealth
(3) National wealth
(4) International wealth
(5) Negative wealth
DIFFERENTIATE BETWEEN WEALTH AND WELFARE - DEFINITION
Wealth: Wealth refers to certain material and non-material goods having the four essential attributes - Utility, scarcity, transferability and external possession of man.
Welfare: Welfare is a state of mind. It is a feeling of well being. There are many factors affecting this sense of well being such as consumption of goods and services, environment, family relations, degree of freedom etc.
DIFFERENTIATE BETWEEN WEALTH AND MONEY - DEFINITION
Money Wealth
Money acts as a medium of exchange and as a measure for the value of commodities. Wealth take different forms like a building, car, watch, T.V. or books.
It is scarce in relation to its demand, transferability and external possession of man. Money is wealth but all wealth is not money.
Money contains all the basic features of wealth except lack of utility of its own. Wealth has all four features of utility, scarcity, transferability and external possession of man.