Being wealthy means your assets grow larger, and their value increases too. The purpose of all economic activity is to secure assets. The more assets you have, the more opportunities you create. Assets represent the total of what one owns and borrows from others. In other words, it is the complete amount of resources available for earning time. Resources serve as the foundation for acquiring additional resources. It’s like using small earthworms as bait to catch fish. Thus, it is said that money makes money. This is referred to as financial income. Income is primarily categorized into earned income and financial income. If you have a substantial earned income but lack financial income, you are more likely to face poverty in the future. - Joseph’s “just my thoughts”
Rice has been the staple crop of the East, while wheat has been the staple of the West. Rice requires more water to produce than wheat. Rice farmers had to contend with the availability of water, which favored collective farming. Wheat could be grown with less labor than rice. Rice farmers lived collectively, while wheat farmers lived individually. Collective agriculture led to the development of societies that were governed by village rules. On the other hand, individual agriculture led to cultures that valued personal freedom and respect for individuality over communal rules. Patterns of agriculture have indisputably influenced social structure and culture. - Joseph’s “just my thoughts”