Final answer:
Nonliquid assets include long-term investments like real estate and retirement savings, while liquid assets are easily convertible to cash without significant loss in value.
Explanation:
Nonliquid assets include long-term investments such as real estate and retirement savings. These assets are not easily converted into cash without potentially incurring significant losses in value. In contrast, liquid assets are readily convertible to cash without major loss, such as cash itself or marketable securities.
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