Simple Definition:

An asset is something valuable that a person or organization owns, such as money, property, or equipment. For example, a house, a car, a computer, and a savings account are all different types of assets. In a business context, assets could include inventory [goods in stock], machinery, and owned patents. Having assets can be important for financial security and growth, as they can be used to generate income or as collateral [assets promised by a borrower to a lender if the borrower cannot repay a loan] for loans.

Very Simple Definition:

An asset is something that a person or a company owns that has value and can be used to pay off debts or help generate income. Examples of assets include a car, a house, or money in a bank account.