Which statement about economic systems is usually correct: Select one Oa The market system is based on central planning by governments O All courntries need an economic system to make decisions about how resources will be used O cina planned economy the allocation of resources is determined mainly by the market O din market systems productive resources are predominantly owned by the government

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.