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Fundamental Concepts and Terminologies — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsFundamental Concepts and Terminologies2 Marks
Question
Give meaning of wealth and state its characteristics.
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Answer

  • The commodity which possess the features of utility, scarcity, transferable and on which personal ownership is possible then it is called wealth.
  • Features:
  • Usefulness.
  • Scarcity Utility.
  • Exchangeability.
  • Physical or Intellectual Existence
  • Durability.

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