Describe briefly
economic welfare and non-
economic
welfare with an example
Answers
Answer:
Economic welfare is the part of total human welfare which can be measured in terms of money. Non-economic welfare is the one which cannot be measured in terms of money such as environment, law and order, and social relations.Welfare economics typically takes individual preferences as given and tries to improve welfare in terms of Pareto efficiency. As an example, social state B is "better" than social state A, if at least one person prefers B and no one else opposes it. ... One example of applied welfare economics is cost-benefit analysis.Transport, communication, trade, health, education and administration are example of tertiary activity. Non-Economic Activity : These are those activities which do not give income in return. They also do not contribute to the flow of goods and services in the economy. e.g.
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