Welfare:
- Prosperity and enhancement in the standard of living as well as overall life is termed as welfare.
- The concept of welfare is used by ail philosophies ranging from spiritual sciences to economics.
- All human activities, may they be economic or non-economic are ultimately done with the purpose of improving life or say for welfare.
- Welfare can be measured quantitatively in the context of growth and qualitatively in the context of development.
In economics, welfare can be classified and studied in two parts. They are:
- Individual welfare: When an individual make efforts to improve his/her standard of living and wellbeing, it becomes a subject of individual welfare.
- Collective welfare: When nations and governments aim at improvement, growth, development, etc. it becomes a subject matter of collective welfare
