What is social welfare and how it is different from individual welfare?
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ANSWER:
Social welfare deals with how people in a society live and how are they affected by other factors like environment around them.
EXPLANATION:
Social welfare is concerned with several aspects of living. Social welfare as a super-set of economic welfare looks into the economic standards of living as well as other aspects of living of people in a society.
Social welfare is different from individual welfare as it takes into account the society as a whole rather than just an individual or a person. Individual welfare is concerned with the well-being of an individual. However, individual welfare does lead to social welfare.
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