Category: Economics

Wealth, Capital, Income & Money

Goods which have value are termed as wealth.Capital is that part of wealth which is used for further production of wealth. Furniture used in the home is wealth but given on rent is capital. Thus all capital is wealth but all wealth is not capital.Wealth is a stock and...

Understand Economics In 5 Concepts

1. Value Ordinarily, the concept of value is related to the concept of utility. Utility is the want satisfying quality of a thing when we use or consume it. Thus utility is the value-in-use of a commodity. For instance, water quenches our thirst. When we use water to quench...