The concept of wealth

Wealth can be acquired through many ways, by hard work, through gifting,and by hereditary and so on.

Wealth in economics refers stock of goods that have been created and made to exit at a time and possessing certain characteristics.

The characteristics include the possession of utility, the possession of money value, limitation in supply and the possibility of being transferred from a party to another party. The wealth of a country result from a productive activity.

The productive activities involve the production of good and services. While the good may be for immediate consumption, such as food and drinks, and for intermediate use, such as electronics or for permanent use, such as building, the service may fall under commercial services as in the wholesale and retail businesses as well as warehousing, insurance, advertising and transportation, or professional services, as in estate surveyor and valuers, lawyers, doctors, teachers and so on, who render a person services to the beneficiaries.

WEALTH CAN BE PERSONAL, BUSINESS OR SOCIAL WEALTH

the person wealth comprises of the belongings of a particular person such as cars, furniture and they possess the four characteristics highlighted above. The business wealth is made up of those things that a business uses in production. They include machineries, buildings, raw materials and so on. They are not needed for thief own sakes but needed for the sakes of personal wealth and social wealth.

The social wealth is a collective wealth and it comprises of all public properties. The social wealth include the power generating station, vehicle, the national assembly complex as well as other government building or offices such as schools, health centres, fire stations and so on excluding money and government securities.

Money represent claim to goods and services and it will be worthless except the goods and services are available. The government securities are claims or debts by the government. The interest on them is paid from the taxpayers'money. In calculating the social or collective wealth, the debt owed to other country is deducted while the debt owed to a country by other countries is added.