on the basis of your reading passage, answer the following question in 30 -40 words each (a) what is the conventional definition of wealth
Answers
The conventional definition of household wealth includes assets and liabilities that have a current market value and that are directly or indirectly marketable. ... This notion corresponds to wealth as a store of value and is used in conjunction with a standard national accounting framework.
l think it is helpful for you
Answer:
Wealth measures the value of all the assets of worth owned by a person, community, company, or country. Wealth is determined by taking the total market value of all physical and intangible assets owned, then subtracting all debts. Essentially, wealth is the accumulation of scarce resources. Specific people, organizations, and nations are said to be wealthy when they are able to accumulate many valuable resources or goods. Wealth can be contrasted to income in that wealth is a stock and income is a flow, and it can be seen in either absolute or relative terms.