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Basic Concepts of Economics — Economics STD 9 — Question

ICSE BoardEnglish MediumSTD 9EconomicsBasic Concepts of Economics2 Marks
Question
Define the following terms.
(a) Wealth (b) Capital###Define the term wealth. Write two points of difference between wealth and capital.
✓

Answer

(a) By wealth we mean all goods that have got value.
(b) (i) All valuable goods are wealth, the capital is that part of wealth which is used in the production process.
(ii) All capital is wealth, but all wealth is not capital.

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