Question

Drawbacks of definitions in economics

drawbacks of wealth definition​

Answer 1

Answer:

Wealth definition:

· Economics is the study of production and consumption of goods and services and accumulation of wealth.

· It only focuses on the wealth part of the system whereas it is believed that welfare is also important as otherwise it will teach selfishness and will be against moral values.

Answer 2

Answer:

A drawback is a rebate on taxes or tariffs paid by businesses on goods that were imported into the United States and then exported out again, such as on raw materials being imported for use in production, and the final goods then being exported.

Explanation: