Unit 1 addresses the Social Welfare Function. What in our society and in our lives matters the most and gives us the most social welfare (social well-being or happiness)? There are economic variables and social variables. Economic well-being and social well-being (healthcare, environment, crime, education, etc.) both matter. State and explain what your Social Welfare Function would consist of. Break it down by percentage so it adds up to 100%. One area might be 20%, another area 10%, and so forth. What combination gives us the most social well-being as a country, in your opinion?
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