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What is meant by economic welfare?

Answer and explanation

Correct answer: Economic satisfaction derived from goods and services

Economic welfare refers to the level of satisfaction or well-being people obtain from the consumption and use of goods and services. Option B is correct because it states the direct economic source of welfare. Population size, government revenue and foreign trade may affect an economy, but each is only an indicator or activity and cannot by itself define economic welfare.

Related tags

Economic WelfareSatisfactionGoods And ServicesWell-BeingGdp And WelfareNational Income And Related AggregatesEconomicsClass 11 Mcq

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