Explain the features of wealth
Answers
Answer:
Explanation:It refers to those scarce goods which satisfy our wants and which have money value. We may consider anything that has money value as wealth in economics. ... So wealth includes all economic goods. Wealth has been defined as 'stock of goodsexisting at a given time that have money value'.
The following are the features of wealth:
Magnified stress on wealth: This definition furnished considerable value to the nature of wealth in an economy. According to some economists, the economic success of any country depends only on the collection of wealth.
Inquiry into the nature of wealth: according to this definition economics also apportions with an inquiry into the circumstances that led to the creation of wealth.
Research on the nature of wealth: according to this definition the wealth of a nation is comprised of only material products.
Economic man: This theory states that an economic man converges on his personal well-being and had only one goal, that is to earn money.