Define wealth. How is it related to welfare?
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Answer:
Wealth is what ever you have ..
It can be as your health,
example sentences:: people say that you are wealthy ....
welfare is what you are giving our donating or giving to some other person or people..
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From an economic standpoint,wealth refers to the overall financial,physical and material resources,assets,functional capital,properties etc. owned or accumulated by any individual person,household,country or nation or the government.
Explanation:
- Based on Adman Smith,who is universally considered as the father of modern Economics,overall level of wealth accumulated by any country or nation is an indicator of its comprehensive economic and social well-being.Therefore,higher the level of wealth acquired by any nation,the higher will be its economic growth and progress.
- Through higher accumulation of wealth,a country will be able to enjoy higher availability of various productive resources and assets which can be efficiently utilized to achieve short term and long term economic growth.
- At the individual or micro level,more wealth accumulated by households and individuals can considerably increase their consumption or purchasing power which can consequently enhance their personal satisfaction or utility level through higher consumption or purchase.
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