What term describes an asset that is not easily sold due to market uncertainty?

An illiquid asset is characterized by a lack of marketability and the difficulty of being sold quickly without sacrificing value. This typically occurs because the demand for such assets is limited or the market for them is not well established, leading to uncertainty. Illiquid assets can include real estate, collectibles, or shares in a privately held company, which may take time and effort to find a buyer willing to pay a fair price.

In contrast, a liquid asset is one that can be quickly converted into cash without a significant loss in value, such as stocks or bonds. Market assets and fixed assets have different definitions unrelated to the ease of sale. Market assets refer to assets well-traded in public markets, and fixed assets pertain to long-term tangible assets used in business operations, like machinery or buildings. Therefore, "illiquid asset" accurately captures the essence of an asset that cannot be easily sold in times of market uncertainty.