wealth

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TERM OF THE DAY wealth 1. General: Tangible or intangible thing that makes a person, family, or groupbetter off. 2. Accounting: Value of an entity's accumulated tangible cash, land, building, etc.) and intangible (copyright, patents, trademarks, etc.) saleable possessionsminus liabilities. 3. Economics: Total of all assets of an economic unit that generate currentincome or have the potential to generate future income. It includes natural resources and human capital but generally excludes money and securitiesbecause the represent only claims to wealth. Two common types of economic wealth are (1) Monetary wealth: anything that can be bought and sold, for which there is market and hence a price. The market price, however, reflects only thecommodity price and not ... Learn more about this term Usage Example "Bottom line is, I didn't return to Apple to make a fortune. I've been very lucky in my life and already have one. When I was 25, my net worth was $100 million or so. I decided then that I wasn't going to let it ruin my life. There's no way you could ever spend it all, and I don't view wealth as something that validates my intelligence." Source: Steve Jobs