What are property and other items of value owned by a business called?

Property and other items of value owned by a business are called assets. Assets can include physical items like buildings, machinery, and inventory, as well as intangible items such as patents and trademarks. They are classified into current assets, which are expected to be converted into cash within a year, and long-term assets, which provide value over a longer period. Overall, assets are essential for a business's operations and financial health.