Concept of wealth

Family Economics And Consumer Education 3 (2+1)

Concept of wealth

Wealth consists of all goods which have exchange value. They are goods which are bought and sold for a price. They are not free goods. They are source in relation to demand and they posses utility. In general wealth consists of all economic goods.

Wealth is a result as well as a resource of management. Income is earned and wealth is accumulated. Accumulation of wealth is a long range process and seldom accumulates at one time.

Wealth is usually a product of previous income management and all the factors listed above, wealth can be built and preserved through management process.

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Last modified: Friday, 30 March 2012, 7:07 AM