Final answer:
Net worth reflects assets after subtracting liabilities. Wealth encompasses all assets, while net worth accounts for assets minus liabilities.
Explanation:
Net worth is the estimated market value of assets after deducting liabilities. It is the sum of all assets minus all liabilities, representing an individual's or firm's financial position.
For example, if someone owns a house worth [tex]$300,000 and owes $[/tex]100,000 on a mortgage, their net worth would be $200,000.
Wealth is inclusive of all assets like investments, savings, and property, while net worth specifically considers these assets minus liabilities.
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