Ask AI: Explain what wealth is in economics and provide a real world example

Wealth in economics is the accumulation of resources or possessions valued for their worth and exchangeability. It is typically measured in monetary terms, such as cash, but can also refer to non-monetary items like land, property, investments, and other forms of tangible and intangible resources. For example, if a person has a large amount of money in their savings account, they would be considered to have wealth. Additionally, if someone owns a successful business, they can be said to have wealth in terms of the assets and profits generated from the company.