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.
Frequently asked questions
What is the correct answer to this question?
Economic satisfaction derived from goods and services
Why is this the correct answer?
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.
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.
