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.
Economic welfare refers to the overall well-being or standard of living of a society or group of people, as measured by their access to goods and services, level of income, and general quality of life. It is often used as a measure of the effectiveness of an economic system or policy. Factors that can affect economic welfare include employment, education, healthcare, and access to resources such as food, housing, and transportation.
Economic welfare can be measured in a number of ways, including gross domestic product (GDP), gross national product (GNP), and gross national happiness (GNH). These measures take into account the value of goods and services produced within a country, as well as the income and consumption of its citizens. Other measures of economic welfare might include poverty rates, inequality indices, and measures of social and economic mobility.
Overall, economic welfare is a complex and multifaceted concept that reflects the economic and social conditions of a society and its people. It is important to consider economic welfare in the design and evaluation of economic policies and systems, as it can have a significant impact on the well-being and prosperity of individuals and communities.
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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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Answer:
Economic welfare refers to the overall well-being or standard of living of a society or group of people, as measured by their access to goods and services, level of income, and general quality of life. It is often used as a measure of the effectiveness of an economic system or policy. Factors that can affect economic welfare include employment, education, healthcare, and access to resources such as food, housing, and transportation.
Economic welfare can be measured in a number of ways, including gross domestic product (GDP), gross national product (GNP), and gross national happiness (GNH). These measures take into account the value of goods and services produced within a country, as well as the income and consumption of its citizens. Other measures of economic welfare might include poverty rates, inequality indices, and measures of social and economic mobility.
Overall, economic welfare is a complex and multifaceted concept that reflects the economic and social conditions of a society and its people. It is important to consider economic welfare in the design and evaluation of economic policies and systems, as it can have a significant impact on the well-being and prosperity of individuals and communities.
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