Q.State and explain the essential characteristics of wealth in the economic sense.

Economic wealth is a precise technical term, not just 'anything valuable' — it requires utility, scarcity, transferability, externality and marketability together. …

In economics, wealth is defined narrowly as the stock of economic goods, owned at a point of time, that jointly possess the following five characteristics:

1. Utility — the good must be capable of satisfying some human want; a completely useless object, however owned, is not wealth.
2. Scarcity — the good must be limited in supply relative to the demand for it; this is what separates wealth from a free good like sunlight or open air.
3. Transferability — ownership of the good must be capable of passing from one person to another (a house can be sold; sunlight cannot be 'transferred').
4. Externality — the good must be external to the person who owns it; a person's own honesty, intelligence or good health, however valuable, is not 'wealth' in this technical sense because it cannot be separated from the person.
5. Marketability — the good should be capable of being bought and sold in a market at some price. …

Listing only 'utility and scarcity' and stopping there — all five characteristics are expected, and specifically the externality criterion should be used to correctly exclude …