Question

"Economics is a study of economic welfare". This definition is related with
(a) Wealth-centered definition
(b) Economic development-related definition
(c) Welfare-centered definition
(d) Scarcity-centered definition

Answer 1

☆$\red {HELLO\:DEAR}$☆

OPTION:-(B)

☆$\green {VISHU\:PANDAT}$☆

☆$\blue {FOLLOW\:ME}$☆

Answer 2

“Economics is a study of economic welfare”. This definition is related with welfare-centered definition.  

Economics is a social science or a branch of knowledge that deals with the production, consumption, distribution and transfer of goods and services. In simple words, it refers to how people make use of resources as well as respond to incentives. This discipline helps in understanding historical trends and making predictions of the future years.  

Economics can be broadly classified into macroeconomics and microeconomics.