Q.Write a short note on: Wealth

Wealth, in economics, means all economic goods that have value in exchange. To be called wealth a thing must have utility, scarcity, transferability and value. ## Meaning Wealth means the stock of all economic goods that possess value and can be exchanged for money or other goods. It is not money alone, but all valuable goods a person or nation owns. ## Characteristics of wealth A thing is regarded as wealth only if it has: - Utility — it must be able to satisfy a want; - Scarcity — it must be limited in supply relative to demand; - Transferability — it must be capable of being transferred from one person to another; - Value — it must have value in exchange. Free goods like air are not wealth because, though useful, they are not scarce and have no value i …