GENERAL KNOWLEDGE

Detailed explanation-1: -Adam Smith, in his seminal work The Wealth of Nations, described wealth as “the annual produce of the land and labor of the society". This “produce” is, at its simplest, a good or service which satisfies human needs, and wants of utility.

Detailed explanation-2: -Instead, Smith proposed that the wealth of a nation consisted of both farm output and manufactured goods along with the labor it took to produce them. To increase its wealth, Smith argued, a nation needed to expand its economic production.

Detailed explanation-3: -Wealth is an accumulation of valuable economic resources that can be measured in terms of either real goods or money value. Net worth is the most common measure of wealth, determined by taking the total market value of all physical and intangible assets owned, then subtracting all debts.