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Social Welfare as a Source of Income

An Overview of Social Welfare

This post will help further your understanding of how social welfare is seen as a source of income for low-income earners, as part of your Prelim Economics course. Social welfare refers to payments by the government given to disadvantaged individuals and households, to reduce income inequality and improve their standard of living. This leads to more household income and thus more consumption, driving economic growth.

The video below explains this concept in more detail.