Question

give the meaning and explain the characteristics of wealth in detail

plzz give me correct ans ​

Answer 1

Answer:

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.

Answer 2

Answer:

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.

Characteristics of wealth:

(i) Utility

(ii) Scarcity

iii) Transferability

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