Differenciate between wealth and welfare
defination of economics in 7 points
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Answers
Answer:
Difference between wealth and welfare
Explanation:
This includes everything from the cash in your wallet to the value of your house. Your total wealth is the summation of all of these values. In economic terms, welfare is a concept that quantifies the enjoyment you get from doing or consuming something.
Answer:
Alfred Marshall has defined economics as the study of human behavior in the normal business of life. It thus looks at the sources from where a person derives his income as well as the modes of investment. Hence, economics is a study that blends in wealth with the wellbeing of people. This study describes all those activities which can ensure the material welfare of men. Welfare meaning in this regard points out at happiness, security, comfort, and similar positive feelings of an individual or group