Wealth
Wealth means anything which has value.
Wealth is synonymous with economic goods.
Wealth convey an idea of prospective and abundance.
Characteristic of wealth
it should be possess utility
it must be scarce
it must be transferred
it must be external to person.
Relation between money and wealth
money is a form of wealth .
all money is wealth but all wealth is not money.
Relation between income and wealth
income is different from wealth
Wealth yield income.
Types of wealth
individual wealth
social wealth
representative wealth
National wealth
Cosmopolitan wealth
negative wealth.
Individual wealth
consists of all tangible and intangible of individuals.
Example land, bonds, deposits.
Social wealth
Wealth which is collectively used by all people in a nation.
Example railways ,public park ,Government College.
Etc.
Representative wealth
Wealth in the form of title deeds
National wealth
aggregate of all individual wealth and social wealth of the country. Example rivers, mountains.
Cosmopolitan wealth
Wealth of the whole world .
total wealth of all nation.
Negative wealth
Exclusive debts owned by the individual and nation
Welfare
it is the end itself .
it is subjective in nature.
it does not include harmful goods.
free and economic goods lead to welfare.
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