Question:
Which of the following best describes the concept of a "Welfare Economy"?
AAn economy focused solely on maximizing GDP
BAn economic system that prioritizes social welfare and equitable distribution of resources
CAn economy that relies primarily on free-market principles
DAn economic framework that encourages privatization of public services
Answer:
B. An economic system that prioritizes social welfare and equitable distribution of resources
Explanation:
A Welfare Economy emphasizes the well-being of individuals and communities by prioritizing social welfare, equitable distribution of resources, and addressing inequalities