How to define economic welfare?

Q: According to John Rawls, society gains more from improving the welfare of the rich household.

A: As a political theorist, John Rawls (born in 1921 and died in 2002) was an influential figure in the…

Q: define economic welfare?

A: In an economy, the term 'welfare' is used to explain the satisfaction gained by the people of a…

Q: Why must the government should prioritize the end of poverty and hunger?

A: Poverty is defined as a state in which a person lacks financial resources and essential goods for…

Q: Discuss the first and second fundamental theory of Welfare Economics.

A: Welfare economics is  basically a branch of economics that use micro-economic approaches to assess…

Q: what is the defenition of economic well-being

A: Economic wellbeing is one of the measures which indicate the standard of living. If a person,…

Q: How does a typical worker decide how many hours to allocate to the labor market?

A: Labor market: It is a market in which the demand and supply for the labour take place. In this…

Q: what would happen if Governments increase the level of welfare payments.

A: Welfare benefits are government implemented programs that help in increasing the standard of living…

Q: What is "Pareto Efficiency"? This is a key concept in welfare economics. Write at least a paragraph…

A: Welfare economic science may be a discipline of economic science that employs economics approaches…

Q: What are demographics? Why are they important tointernational marketers?

A: Population in the economy can be a boon or a bane for the economic system and its operations. The…

Q: What is full price vs full income in household economics?

A: We are required to define full income and full price with regard to household economics.

Q: C. Explain five economic conditions for an increase demand for education. ;

A: here we explain five economic conditions for an increase demand for education as follow:-

Q: Why is poverty unfair?

A: Poverty refers to the state of an individual not having enough earnings/assets for meeting his basic…

Q: . Can you do anything to reduce the number of people in the following categories? If so, what?

A: Frictional unemployment defines the number of people unemployed as a result of dropping from one job…

Q: Minister of labour, Thulas Nxesi, has gazetted South Africas new minimum wage which will take effect…

A: A minimum wage is a price floor policy that dictates the lowest price for labor that any employer…

Q: What is meant by relative deprivation theory?

A: Business is a process through which the sale of items and services occurs as the consequence of…

Q: Do minimum wages increase the unemployment rate of less-skilled workers?

A: The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…

Q: In Marx’s theorizing, what is the relationship between profit and surplus-value?

A: Marx's theory focuses on the impact of capitalist system on the labour, productivity and the firms.…

Q: Why does Marx's theory of alienation matter today?

A: Karl Marx's ideas are broad in scope and have had a significant impact on philosophy and sociology,…

Q: S. An individual can earn $12 per hour if he or she works. Draw the budget constraints hat show the…

A: Answer in step 2

Q: Benjamin Franklin said “I think the best way of doing good to the poor is not making them easy in…

A: Poverty is a situation where an individual is considered as poor as they are unable to fulfill their…

Q: Set different measures of welfare with it's dimensions in detail

A: As we know that Welfare is the physical or material well-being of the people. The different ways or…

Q: 58.The 'Welfare definition' of Economics was introduced by (A) (B) (C) (D) Adam Smith Alfred…

A: The welfare definition of economics was given by Option(B) is correct by Alfred Marshall Welfare…

Q: Is work on the part of welfare recipients a reasonable expectation? Does government have any…

A: Government help recommends a degree of government programs that give cash related or another manual…

Q: What is the effect of economic dependency in our society?

A: Economic dependence is common everywhere the planet. No country on Earth is 100% economically…

Q: What are the determinants of social class?

A: Following are the main determinant of social class :- 1. Wealth and income - Social respect is…

Q: Within the primary labor market, there are two tiers. What are they?

A: The primary labour market is a market that usually consists of high-wage paying jobs, social…

Q: Comment on or explain: Equality is a “superior good”; the richer we become, the more of it we can…

A: Equality is the situation in which the economy treats everyone equally and provides equal status in…

Q: and mixed goods

A: Goods are items which satisfy human wants and tend to  provide utility.For instance, a consumer in…

Q: Which of the following is true of social welfare? O a. It is a government program through which…

A: The term "social welfare" refers to a system that attempts to give high-quality care to society's…

Q: U.S. agriculture subsidies make food look artificially inexpensive to consumers. So, these…

A: Agriculture subsidies is one of the most important way, the government intervenes the market and…

Q: Questions and Problems 6. An individual can earn $12 per hour if he or she works. Draw the budget…

A: a) Assume that, in each graph a person can work at most 24 hours per day times 30 per month for 12…

Q: Please give two examples of market distortion, how do they affect the market efficiency? Explain in…

A: The market is an mechanism which would result in the well functioning of the market forces of demand…

Q: Discuss alternatives approaches to measure welfare!

A: The study of how resource and good distribution affects social welfare is known as welfare…

Q: How does a society or a country make the decisionabout the tradeoff between equality and…

A: Society and country are important for  factors in today's globalisation  world. They have to manage…

Q: How does the microeconomic theory of fertility relate to the theory of consumer choice?

A: The relationship between the consumer's preferences and the expenditure is depicted by the theory of…

Q: It is just or unjust for the state to tax the rich to help the poor?

A: In an economy, government tries to maintain equality among people due to which it helps poor people…

Q: How is helping someone in the culture of poverty different than helping someone in the true lower…

A: At its most basic level, poverty is described as a lack of basic necessities such as food and…

Q: what happens to hours of labor when the reservation wage rate increases? What happens to hours of…

A: The reservation wage means that if the market wage is less than the reserve wage, the individual…

Q: A recent bill reforming the government's antipoverty program limited many welfare recipients to only…

A: It is given that a bill which reforms the government's antipoverty program limit many welfare…