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  Basic economics sense

Basic economics sense:

Each science has its own language. Economics has its own language too. There are some terms that are employed in a special logic in economics. Therefore we should understand the meaning of some fundamental concepts such as goods, wealth, income, value, price and market. When we do not understand their meaning correctly, it might result numerous confusion.

Wealth:

In normal speech, whenever we refer to wealth, we mean money. However in economics, it has a unique meaning. It refers to those scarce goods that satisfy our needs and which have money value. We might consider anything which has money value as wealth in economics.

Every economic goods contain value–in–exchange. Therefore wealth comprises all economic goods. Wealth has been stated as “stock of goods existing at a specified time that contain money value”.

Characteristics of Wealth:

The characteristics of wealth are as shown below:

1. It should possess utility. It should have the power to satisfy a desire. As Marshall says “they should be desirable”.

2. It should be restricted in supply. For illustration, air and sunshine are necessary for life. We can’t live without them. However we do not consider them as wealth since they are available in large amounts. Such goods are termed as free goods.

3. Wealth must be transferable. That is, it must be possible for us to transfer the ownership from one person to the other.

4. It should have money value.

5. It might be external. For illustration, the good-will of a company is exterior wealth.

Utility, scarcity and transferability are therefore significant characteristics of wealth.

Classification of Wealth:

Wealth might be categorized into:

a) Personal wealth (i.e., individual wealth)
b) Social wealth (i.e., collective wealth),
c) National wealth (a + b) and
d) Cosmopolitan wealth (for example, ocean).

 

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