Which of the following best defines an asset?

An asset is best defined as a resource of value. In economics and accounting, assets are defined as anything owned by an individual or business that can provide future economic benefits. This includes cash, real estate, equipment, inventory, and investments. Assets are essential to the operation of a business and contribute to generating revenue.

The other options describe concepts that do not align with the definition of an asset. A liability refers to obligations or debts that an entity owes to others, which is the opposite of an asset. A fixed expense is a cost that does not fluctuate with production or sales levels, such as rent or salaries, and is not necessarily tied to an asset's value. An uncontrollable expense refers to costs that cannot be altered or influenced by management decisions, which also does not connect directly to what constitutes an asset. Therefore, the selection of a resource of value aligns perfectly with the economic understanding of an asset.