What is an asset? Explain. Identify 3 components of assets.
Expert Answer
Asset can be defined as any item belonging to the property which is owned by an individual, organization which is considered to have some kind of value and can be used to meet the debts, commitments, or legacies.
In other words, assets are the resources which have some economic values which are owned by any organization, person or country and these can be controlled having an expectations that these properties can fulfill the some kind of future requirements or benefits.
The demand of any asset mainly has four determinants:-
Wealth:-
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