discuss on nature of welfare economic
Answers
Answer:
General Welfare economics refers to all economic and non-economic goods and services that provide utilities or satisfaction to individuals living in a community. In fact, an individual's welfare depends upon both economic and non-economic factors. ...
Answer:
General Welfare economics refers to all economic and non-economic goods and services that provide utilities or satisfaction to individuals living in a community. In fact, an individual's welfare depends upon both economic and non-economic factors.
Effects :- A net welfare gain refers to the impact of a government policy, or a decision by firms, on total economic welfare, taking into account the gains, less any losses. While the concept of 'welfare' can have several meanings in economics, it corresponds closely to the idea of well-being.
Important :- An increase in real output and real incomes suggests people are better off and therefore there is an increase in economic welfare.