Question

With a limited number of elements (less than 120 are known), does this mean we also have a small number of compounds or do we have a large number of compounds in this world?

Answer 1

Answer: we have a large number of compounds

Explanation: there might only be 118 elements but almost all those elements can form bonds with other elements creating a new compound. Considering the number of elements and how up to 4 bonds whether the same or different can be made per element, we know that thousands of combinations are possible and thus thousands of compounds.