Differenciate between wealth defination and welfare defination.
Answers
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.
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.
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.
Hey , hope this helps you..
Have a good day!!