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WEALTH MEASURING SCALE IN THE WORLD TODAY





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WEALTH MEASURING SCALE IN THE WORLD TODAY

WEALTH MEASURING SCALE IN THE WORLD TODAY.
Wealth is the total sum of value of economic resources measured on basis of physical goods or money value owned by an individual, community, an industry, a country etc. Wealth is a stock as compared to income which is a flow. In this era, wealth is measured by the value of money. This is advantageous since wealth is expressed in a single form known as net worth (all real resources under ones control, excluding those that ultimately belong to someone else)- Jim Chappelow (April 2018).
The net worth of a person is even better expressed in value of money when they have accumulated a net worth of a large quantity. More specifically, bigger percentage of people measure wealth in comparison to other people or companies so as to tell who is wealthier than the other. In the previous researches people are happy and at peace when they have estimated their wealth relative to other individuals than when they express their wealth absolutely. Scarce economic goods also provide a basis for comparisons between wealthy people as opposed to when there are free and abundant resources for everyone. All the above converted in to money value, tells a wealthier party.



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