* FEATURES OF WEALTH *
ANSWER :-
- Wealth is something that is used by an individual to satisfy his/her wants and needs.
- It includes four key features: utility, transferability, scarcity, and external utilization.
- The utility is the capacity of the wealth of satisfying the human needs, for example, washing machine.
- Wealth includes the transferability of goods that a good can be transfer from an individual to another and from one location to another, for example, jewellery, vehicle, and so on.
- The resources are scarce and limited in the economy which results in a limited supply of the products relative to its demand. This also includes in wealth, for example, economic goods which have value in exchange that is in order to obtain these goods, an individual has to pay its price.
- Wealth’s characteristics also involve its external utilization that is that goods which are external to an individual, for example, a company’s goodwill.
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