Which term describes a valuable item owned by a business?

The term that best describes a valuable item owned by a business is "asset." Assets represent any resource that is owned and controlled by the business, which is expected to provide future economic benefits. This includes physical items like machinery and inventory, as well as intangible items like patents or trademarks. Essentially, assets are crucial for generating revenue and are reflected on a company's balance sheet.

In contrast, liabilities represent obligations or debts owed to other parties, equity refers to the ownership value in the business after liabilities are deducted from assets, and resources encompass a broader category that may include both tangible and intangible elements used in the production of goods and services, but not all resources are assets. Thus, "asset" is the most precise term for valuable items owned by a business.