Final answer:
Welfare economics is a branch of economics that specifically focuses on the well-being of less fortunate people, analyzing how different policies and interventions can improve their welfare.
Step-by-step explanation:
Economics is concerned with the well-being of all people, including those with jobs and those without jobs, as well as those with high incomes and those with low incomes. It explores questions of how investing in education helps to develop workers' skills and how government spending, taxes, and regulations affect decisions about production and consumption. Welfare economics is a branch of economics that specifically focuses on the well-being of less fortunate people, analyzing how different policies and interventions can improve their welfare.