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Answer» Wealth can be classified into two types. They are:
1. Individual wealth and Social wealth: - Wealth owned by an individual and meant for private consumption is called individual wealth. For example, a house.
- Wealth owned by society and meant for collective consumption is called societal (or social) wealth. For example, a check-dam.
2. National wealth and international wealth: - Wealth belonging to a nation and possessed and treasured by a nation is called national wealth.
- It directly or indirectly helps to generate exchange value for the nation.
- For example, rivers, mountains, literature and scriptures, etc. are national wealth.
- Wealth belonging to the earth that can be treasured by all nations and which can bo developed for benefit of all is called international wealth.
- For example, oceans are such a common wealth which are used as international waterway and benefit all the nations.
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