The definition of Economics as a science of wealth is criticized on the ground that __________

It ignored immaterial wealth

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It ignored human welfare

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Both

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None

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Solution

The correct option is B Both
The definition of Economics as a science of wealth is criticized on the ground that

It ignored immaterial wealth: according to the wealth definition, wealth only means tangible material goods and it ignores the immaterial wealth. However it is equally important.
It ignored human welfare: this definition pays no attention to the social welfare of the society and completely ignores the aspect of equitable distribution.

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