Wealth

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Wealth

Wealth (/wɛlθ/) is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem.[1]

Etymology

The term wealth is derived from the old English word "weal", which means "well-being" or "welfare". The term was originally an adjective but was used as a noun in Old English.[2]

Definition

In economics, wealth refers to the net worth of a person, company, or nation, i.e., the value of all assets owned net of all liabilities owed at a point in time. For national wealth as measured in the national accounts, the net liabilities are those owed to the rest of the world.[3]

Related Terms

  • Asset: Any valuable item or property owned by a person or entity.
  • Liability: The legal debts or obligations that arise during the course of business operations.
  • Net Worth: The amount by which assets exceed liabilities.
  • Economics: The social science that studies the production, distribution, and consumption of goods and services.
  • Financial Asset: A non-physical asset whose value is derived from a contractual claim, such as bank deposits, bonds, and stocks.
  • Transaction: An agreement, communication, or movement carried out between separate entities or objects, often involving the exchange of items of value, such as information, goods, services, and money.

See Also

References

  1. "Wealth (n.)". Online Etymology Dictionary. Retrieved 2021-09-01.
  2. "Wealth (n.)". Online Etymology Dictionary. Retrieved 2021-09-01.
  3. "Wealth". Investopedia. Retrieved 2021-09-01.

External links

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