writ the definition of wealth centerred definition and explain it's characteristics
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
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.