Question

Which of the following best describes the concept of a "Welfare Economy"?

• A. An economy focused solely on maximizing GDP
• B. An economic system that prioritizes social welfare and equitable distribution of resources
• C. An economy that relies primarily on free-market principles
• D. An economic framework that encourages privatization of public services

Answer 1

Answer:

B. An economic system that prioritizes social welfare and equitable distribution of resources

A Welfare Economy emphasizes the well-being of individuals and communities by prioritizing social welfare, equitable distribution of resources, and addressing inequalities