| This question <6|15> overall <12|14> Chocolate: <5|54>. |
| Exam Question 1: What is wealth? |
| [13] Chocolate: Re: ONE MORE TRY...... Earlier I gave a brief definition of what I thought wealth meant to me. Even though it was simply short and straight to the point, I did not repeat what Hans said earlier nor did say (write) anything that he wanted to hear. Instead it was a simple answer to the question that was asked. I cannot apologise for that first submission, because I did not give (as you thought) a reply that you would like, but it was a reply that I felt was the correct answer. But to make matters clearer I will elaborate more on the the question. What is wealth? |
| Wealth, in my opinion is what an individual has or owns. For example, an individuals wealth can be monetary as well as materialistic. It can also be said, that wealth is the total amount that an individual or household have accumulated either from income (past savings) or inheritance. Wealth is really the total of an individual's or household's savings from the income one earns. If for example an individual in a given period of time (a year), spends less than his/her income, that individual saves. What that individual saves can and will be added to his/her wealth. But, if one spends more than his/her income, than that individual will have to take borrow from his/her savings and therefore reduces his/her wealth. |
| An individual who has a million dollars in their savings is considered to be wealthier than an individual who only has nine-hundred thousand dollars. Because materialistic objects have a value, an individual who owns more than one luxury automobile is considered to be wealthier that an individual who owns only one luxury automobile. Therefore, wealth can be considered a measurement of how much or less an individual or household owns. |
| Hans: If you make more than one submissions in the same week, your total grade will be the average. |
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