economic welfare

What Are The Main Features Of Marshall Definition?

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What Are The Main Features Of Marshall Definition? The main features of Marshall’s definition of economics are: Study of material requisites of well-being: This definition indicates that Economics deals with the material aspects of well-being. Thus, it studies the materialistic aspects of economic welfare. What is Marshall’s definition of economics? – Alfred Marshall. Economics is

Why Is GDP A Bad Measure Of Standard Of Living?

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Why Is GDP A Bad Measure Of Standard Of Living? GDP is an indicator of a society’s standard of living, but it is only a rough indicator because it does not directly account for leisure, environmental quality, levels of health and education, activities conducted outside the market, changes in inequality of income, increases in variety,