Economic welfare is mainly related to what?
Answer and explanation
Correct answer: Economic satisfaction from goods and services
Economic welfare refers to the satisfaction or well-being obtained from the consumption and use of goods and services, especially those that have economic value and are scarce. Thus option A is correct. A country’s area, political boundaries, or the colour of its currency does not directly measure the satisfaction people receive from economic resources. Economic welfare is one component of broader social welfare.
Frequently asked questions
What is the correct answer to this question?
Economic satisfaction from goods and services
Why is this the correct answer?
Economic welfare refers to the satisfaction or well-being obtained from the consumption and use of goods and services, especially those that have economic value and are scarce. Thus option A is correct. A country’s area, political boundaries, or the colour of its currency does not directly measure the satisfaction people receive from economic resources. Economic welfare is one component of broader social welfare.
Which subject and chapter does this question cover?
This is a Class 11 Economics question. Chapter: National Income and Related Aggregates. Topic: GDP and Welfare.
