What encompasses both private and social wealth?

National wealth refers to the total value of a country's assets, both in terms of private wealth held by individuals and businesses and social wealth, which includes resources owned and managed collectively for the benefit of society, such as public infrastructure and natural resources. This concept recognizes that a country's wealth is not solely derived from private ownership but also from the benefits provided to the public good, like parks, education, healthcare, and transportation systems.

By focusing on national wealth, one is acknowledging the interconnection between individual economic success and the broader social infrastructure that supports and enhances that wealth. This understanding emphasizes the importance of both private enterprise and public investment in contributing to the overall economic wellbeing of a nation. Other options, such as public goods or merit goods, focus on specific types of services or goods rather than encompassing the broader concept of wealth that includes all assets within a nation. Economic wealth typically refers to the financial assets alone, not necessarily the public goods and services that contribute to societal wellbeing.