Which type of wealth is characterized by ownership of goods and services by the government?

Study for the IGCSE Economics Test. Dive into multiple choice questions and informative flashcards, each with hints and clear explanations. Boost your exam readiness!

The correct answer is that public wealth is characterized by ownership of goods and services by the government. Public wealth refers to resources and assets that are collectively owned by the state or government for the benefit of its citizens. This includes infrastructure such as roads, schools, parks, and public utilities that the government provides and manages.

While social wealth may relate to the overall well-being and economic status of a community, it does not specifically refer to government ownership of resources. Private wealth denotes wealth owned by individuals or corporations, while national wealth typically encompasses all assets owned by a nation, including private holdings. Public wealth focuses specifically on those assets that the government has acquired or built, intended to serve the public interest.

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