In ordinary language,
“Wealth” conveys an idea of prosperity and abundance. A man of wealth
understood as a rich person. But in Economics Wealth is synonymous with
economic goods.
In short, Wealth means
anything which has value.
Therefore, three attributes
of wealth as in the case of value are utility, scarcity and marketability. Good
which is able to satisfy human want, which is scale and must be transferable,
is wealth?
It should be noted that
Money is form of wealth. All
money is wealth but all wealth is not money.
Income is different than
wealth. Wealth yields income.
Wealth and welfare are
closely inter-related. Wealth is the means and welfare and end.
Classification of Wealth: Wealth can be classified as
Individual Wealth: Material possession like
land, building cash etc.
Personal Wealth: refers to personal
qualities like intelligence, skill etc.
Social Wealth: They are things owned by
society e.g. building dams, road etc.
National Wealth: They are the natural
resources like rivers, climate, oceans etc.
Cosmopolitan Wealth: It is wealth of the whole
word. It is a sum total wealth of all nationals.
Negative Wealth: It refers debts owned by
individual of Govt.
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