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प्रश्न
Define the following term.
Wealth
व्याख्या
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उत्तर
Wealth, in economics, refers to all those goods or assets which are relatively scarce and have money value.
Wealth includes both material goods like machines, household durables, gold and non-material things like goodwill of a businessman, copyrights, etc.
For a commodity to be considered wealth, it must have the following characteristics:
- Utility: It must have the power to satisfy human wants.
- Scarcity: It must be scarce in supply relative to demand.
- Transferability: It must be capable of being transferred from one person to another.
- Externality: It must have an external shape or form that can be possessed or owned.
Hence, wealth is all valuable things that satisfy wants, are scarce, transferable and have an external form.
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