Tag: wealth, capital and money

AC Pigou defined economics as a "study of Economic welfare which is that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money". He gave more importance to the study of man than to wealth. Thus it focused more on human welfare and social science. 

Stock of man made goods (like machines) as well as natural resources(like land) ,resources like capital -is called national wealth All are referred as national assets.

In economics, stock is measured at one point of time and represent the amount of good exists at that point of time onlt and hence, wealth is a stock concept.

The increase in production of food grains indicates the increase in the welfare of the people. This is because it will directly benefit the people as they have a satisfactory level of food grains. The other options do not help the people of the economy as either these activities are illegal or they do not directly help in the production of food for the people to eat.

A government levy on the income, property, or wealth of people or companies. A direct tax is borne entirely by the entity that pays it, and cannot be passed on to another entity. The rest all are indirect taxes.

Wealth is defined as "anything which is useful, directly or indirectly, for satisfying human wants". Money is one kind of wealth. Wealth can be any asset, gold, vehicle etc.

Money has value in exchange but not value in use. Value in exchange is nothing but the goods and services which we may obtain in the market in exchange of a particular thing. Value in use is nothing but the satisfaction which one obtains from the use of a commodity for example water.

Wealth: it is defined as the stock of resources which can be used at present or in the future.

All the given options are the classifications of wealth:

• Private wealth: This includes all material and non material goods of an individual which can convert into money. 
  
• Public wealth: This includes all material and non material goods owned by a community together
  
• Negative Wealth: it is owned by an individual for a particular time period and then returned.
  
• National Wealth: it is the wealth owned by nation.
  

• Wealth: It is defined as the stock of resources which can be used at present or in the future.
  
• Income: It is the money obtained by flow of goods and services on regular basis.
  

Wealth-tax, that is, tax levied on personal capital was abolished from $1$ st April, $1993$.