What is the individual’s human wealth? Total wealth?

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter4: The Aggregate Economy
Section: Chapter Questions
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What is the individual’s human wealth? Total wealth?

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Step 1

Wealth: It is the estimation of the relative multitude of assets that are controlled by an individual or society. Somebody's abundance is dictated by the total benefit of everything the individual claims can be traded for cash, merchandise or administrations. People and nations unexpectedly measure abundance.

Step 2

Individual wealth: It is normally estimated as total assets, which estimates your total resources after taking away the estimation of all your total liabilities. On the off chance that your resources estimate surpasses the estimation of your liabilities, you have a total positive asset.

Total wealth: It is the wealth of an economy. The total wealth of an economy shows how much scope is there for an economy to grow. Total wealth shows that the development of an economy. It is the total assets which can be seen in an economy.    

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