Question

State different between welfare and wealth definition of economy.?

Answer 1

Answer:

Wealth is the value of all your cash and assets at one particular time. ... Your total wealth is the summation of all of these values. In economic terms, welfare is a concept that quantifies the enjoyment you get from doing or consuming something.

Answer 2

wealth is value of all your cash and assets at particular time ...

your total wealth is summation of all of these values in economic terms

welfare is concept that quantifies the enjoyment you get from doing or consuming something