Economics Supply And Demand Questions
Social welfare refers to the overall well-being and quality of life of individuals in a society, taking into account various factors such as income, education, healthcare, and social support. It is a broader concept that encompasses the overall welfare of society as a whole.
On the other hand, welfare economics is a branch of economics that focuses on the allocation of resources and the study of how different economic policies and systems impact social welfare. It analyzes the efficiency and equity of resource allocation and aims to maximize social welfare through the optimal allocation of resources.
In summary, social welfare is the broader concept of overall well-being in society, while welfare economics is a specific field within economics that studies the allocation of resources to maximize social welfare.