What does "wealth" generally refer to?

Wealth generally refers to the collection of scarce and transferable products, which encompasses a wide array of tangible assets such as money, real estate, commodities, and other forms of property that can be easily exchanged or sold. This definition captures the essence of wealth as it relates to resources that hold value and can be used to meet needs or desires.

When considering wealth through this lens, it's important to recognize that it is not limited to merely income, but also includes the ownership of physical assets that can be converted into cash or used as a means of investment. This perspective emphasizes the significance of possession and control over valuable resources that contribute to one's financial standing.

In contrast, the accumulation of intangible assets focuses on non-physical items like intellectual property or brands, which, while valuable, do not represent the core understanding of wealth in a traditional sense. Similarly, while the income generated from investments is important for financial health, it is more about the flow of resources rather than the wealth itself. Lastly, net worth of a business, though an indicator of financial health, represents a specific aspect of wealth that pertains to a business entity and not the broader concept of wealth applicable to individuals and societies. Thus, viewing wealth as the collection of scarce and transferable products aligns with traditional