Question

_____ is defined as "anything which is useful, directly or indirectly, for satisfying human wants".

• A. Wealth
• B. Income
• C. None of the above
• D. Both A and B

Answer 1

The correct option is A Wealth

Wealth is defined as "anything which is useful, directly or indirectly, for satisfying human wants". Characteristics of wealth include:

• Externality is the quality of wealth which makes it valuable and able to be transferred.
  
• Appropriability: Wealth should be appropriate. It should be capable of being possessed or owned by the people.
  
• Transferability: Wealth should be transferred from one man to another.