Advertisements
Advertisements
प्रश्न
Describe the basic characteristics of wealth.
सविस्तर उत्तर
Advertisements
उत्तर
The basic characteristics of wealth are:
-
Utility: Wealth must have the power to satisfy human wants. Without utility, a commodity cannot be considered wealth.
-
Scarcity: Wealth must be scarce relative to demand. If a good is abundantly available without effort or cost e.g., air, sunshine, it is not wealth.
-
Transferability: Wealth must be capable of being transferred from one person to another. For example, a degree or personal abilities, although useful, cannot be transferred and hence are not wealth.
-
Externality: Wealth must have an external shape or form, i.e., it must be something external to a person that can be owned or possessed.
shaalaa.com
या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?
