Livestock Economics, Marketing and Business Management

WEALTH AND ITS CLASSIFICATION

Meaning

• It refers to the state of economic goods at a particular time, i.e. goods which are not transferable are not included. E.g. personal skill and ability.
• However, it may not be true while calculating wealth of a country, which may include the skill and ability of its citizens.

Classification of Wealth

• This can be classified into three forms
  • Personal or individual wealth
    • A common human being requires this wealth e.g. clothes, books, scooter etc.,
  • Business wealth
    • This is used for further production of goods and services, e.g. farms, industries, machines etc.,
  • National or Social Wealth
    • This includes the goods owned by states or local bodies e.g. educational institutions, public library, transport, electricity etc.,