Question

Which one of the following is not a point in the Welfare Definition of Economics?
a. Study of and ordinary man
b. Economics does not focus on wealth alone
c. Economics is the study of material welfare
d. Economics deals with unlimited wants and limited means

Answer 1

The famous economist Alfred Marshall coined the Welfare Definition of Economics, which is constituted of several vital points.

It states that economics deals with the study of mankind, mainly regarding the financial aspect of the people.

This subject also handles the materialistic welfare of the people in the society, as that is ultimate aim in the life of most people.

But the economic welfare does not refer only to the growth in the wealth of a person.

So the option ‘d’ is the right answer, as this point is not included in this definition of economics.

Answer 2

Answer:

which one of the following is not a point in the welfare definition of economics