Question

define briefly 1)consumption (2) market (3)welfare economics ​

Answer 1

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$\sf\red{Consumption}$

• Consumption, in economics, the use of goods and services by households. Consumption is distinct from consumption expenditure, which is the purchase of goods and services for use by households.

$\sf\red{Market}$

• A market is any place where sellers of particular goods or services can meet with buyers of those goods and services.

$\sf\red{Welfare \: economics}$

• Welfare economics typically takes individual preferences as given and tries to improve welfare in terms of Pareto efficiency

Answer 2

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❤️Consumption

Consumption, in economics, the use of goods and services by households. Consumption is distinct from consumption expenditure, which is the purchase of goods and services for use by households.

❤️Market

A market is any place where sellers of particular goods or services can meet with buyers of those goods and services.

❤️Welfare economics

Welfare economics typically takes individual preferences as given and tries to improve welfare in terms of Pareto efficiency