Which of the following best describes wealth?

Wealth is best described as the total value of assets owned by an individual or a household minus their liabilities. This definition captures the essence of wealth as a stock measure, reflecting the net worth of an entity at a specific point in time. Assets may include property, savings accounts, stocks, and any other valuable resources, while liabilities encompass debts such as loans and mortgages.

In the context of this question, payment for goods refers to an exchange of money for products, which does not encompass the broader concept of wealth. The flow of income pertains to earnings over a period of time, such as salaries or interest, but it does not represent accumulated wealth at a moment. Tradeable commodities indicate items that can be exchanged or sold but do not directly relate to the concept of an individual's net worth. Thus, the definition found in the correct answer succinctly encapsulates wealth by emphasizing its calculation through the balance of owned assets and owed liabilities.