The wealth is a concept that refers to the abundance of goods, be they tangible (materials) or intangible (spiritual). As such, the word comes from the Gothic reiks , which translates ‘rich’, ‘powerful’, and is formed with the suffix “-eza”, which indicates ‘quality of’; In short, wealth means ‘quality of rich’.
Hence the accumulation of material goods or precious things can be designated as wealth:
“This man’s wealth is incredible: he has businesses all over the world.”
Similarly, the profusion of qualities, attributes and virtues, more associated with the intellect, knowledge and skills, is considered a form of intangible wealth, but equally valuable.
Likewise, wealth can refer to the abundance of any other type of thing: the mineral wealth of certain water, the nutritional wealth of a food, the wealth of a person’s vocabulary, etc.
Wealth in Economy
In the economic sphere, the concept of wealth refers to the set of assets that a person owns, whether natural or legal, private or public, and, as such, it is calculated by adding the total value of these. In this sense, the concept of wealth corresponds to the stock or fund that a person owns at a specific time.
In this sense, if we are talking about a nation, we can say that its wealth is made up of all the goods, services, production factors and natural resources that it has, where it can also include allits infrastructure.
- On the other hand, if we talk about a person, his wealth comprises the total sum of his properties (real estate, machinery, financial assets, etc.), as well as the set of intangible assets (studies, knowledge, skills) that he holds, and They have a monetary value in the market.
- As such, the basic characteristic of wealth is its ability to produce more wealth, therefore, its value is defined by the flow of income that it is capable of generating.
- If you wish, you can also consult our article on Economics.
The natural richness comprises both the abundance and diversity of natural resources (water, minerals, forest, etc.) and biological (flora and fauna), as well as weather conditions and factors associated with the terrain or topography, which has a nation within from the limits of its territory. Make a visit to vimeo.com/jamesscholes1982 in this case to increase your wealth.
As such, natural wealth has a fundamental economic potential for the economic and social development of a country, for which a responsible use and conscious use of this resource can generate, in turn, wealth for a nation. Ecological tourism, agriculture, energy production (oil, hydroelectric and wind energy, etc.) are some of the possibilities that can be contemplated to exploit natural resources, as long as it is done within a framework of sustainable development that does not endanger the balance ecological nor deplete natural resources.We also recommend reading our article on Sustainable Development.
As rich cultural diversity of tangible and intangible assets that constitute the knowledge, traditions, customs, lifestyles, gastronomy artistic expression, scientific knowledge and industrial, etc., which characterize a society or a designated human group and that have been developing over centuries of history.