Assets That a Person Accumulates and Owns at a Certain

question 24

Multiple Choice

Assets that a person accumulates and owns at a certain point in time are called:

• A) Income.
• B) Equity.
• C) Wealth.
• D) Microfinance.

---

Definitions:

Competitive Free Market

A market structure where many firms offer products or services that are similar, allowing for free entry and exit, with prices determined by supply and demand forces.

Marginal External Cost

The cost imposed on a third party not involved in a transaction or activity due to an additional unit of production.

Methane Gas

A potent greenhouse gas with a simple chemical formula CH4, commonly produced by the decomposition of organic materials and digestive processes of animals.

Sulfur Emissions

The release of sulfur compounds into the atmosphere, primarily from the burning of fossil fuels, which can cause environmental damage.