difference between wealth definition
by Adam Smith and welfare definition by Marshall
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The wealth definition refers to the wealth that is used by man for the process of satisfying his wants. Economic welfare on the other hand refers to the welfare of the people and the resources, income and goods that affect their living in the economy.
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Answer: The wealth definition refers to the wealth that is used by man for the process of satisfying his wants. Economic welfare on the other hand refers to the welfare of the people and the resources, income and goods that affect their living in the economy.
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