What is the 'Welfare' definition 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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⸙ Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and the use of the material requisites of well - being. Thus, it is, on the one side, a study of wealth and, on the other and more important side, a part of the study of man.
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