Examine the wealth and welfare definitions …
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Meghna Thapar 5 years ago
Adam Smith noted the definition of economics to be a specific science that examines the nature and cause of the wealth of different nations. This study is concerned with the production, distribution, and consumption of wealth. The wealth definition refers to the wealth that is used by man for the process of satisfying his wants. Economic welfare on the other hand refers to the welfare of the people and the resources, income and goods that affect their living in the economy.
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