Explain the term "welfare economics" and apply it to the allocation of resources and its effects on today's society?
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Welfare economics can be defined as the allocation of resources in a given economy to ensure well being of the people. Welfare economics helps in achieving overall satisfaction. This is done so by ensuring that the producer and consumer surplus in various markets are fully maximized. In today's society, welfare economics has helped reduce the poverty levels by increasing the total goods of society. This is through the use of tools such as cost-benefit analysis used to gauge the cost and benefits of a given change to the economy at large.
Welfare can be described as programs set by the government to help individuals in the society who are in need or have a low income. Welfare programs can also be set by a given firm or organization to cater to the needs of their employees. Welfare programs include services like healthcare services, food stamps, and unemployment compensation.
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Welfare can be described as programs set by the government to help individuals in the society who are in need or have a low income. Welfare programs can also be set by a given firm or organization to cater to the needs of their employees. Welfare programs include services like healthcare services, food stamps, and unemployment compensation.
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