Explain the welfare defination of economics
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Broadly, economic welfare is the level of prosperity and standard of living of either an individual or a group of persons. In the field of economics, it specifically refers to utility gained through the achievement of material goods and services.
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The welfare definition of economic is an attempt by Alfred Marshall, a pioneer nioclassical economist, to redefine his feild of study. This definition expands the feild of economic science to a larger study of huumanity
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