Distinguish between the individual walfare and social welfare
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Explanation:
Individual satisfaction is linked with individual choice. He chooses the combination which gives him the maximum satisfaction. Social welfare is an aggregate of the utilities or satisfaction of all the individuals in the society. The welfare of all the individuals is synonymous with the welfare of the society.
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Explanation:
Individual Welfare : refers to the sum- total of satisfaction derived by individual from the consumption of economics goods .
Social Welfare : a social welfare offers assistence to individual and families in need , with such programmes as health care assistance, food stamps, and unemployment compensation.
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