wealth definition in economics
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Wealth measures the value of all the assets of worth owned by a person, community, company, or country.
Explanation:
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.
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Adam Smith, generally regarded as the father of economics, define economics as a science which enquires into nature and causes of wealth of nations.
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