For the current tornado season, see Tornadoes of 2017. A tornado is a rapidly rotating column of air that spins while in contact with both the surface of the Earth and a cumulonimbus cloud or, in rare cases, the base of a cumulus cloud.
Definition of socio-economic - relating to or concerned with the interaction of social and economic factors Definition of socio-economic - relating to or concerned with the interaction of social and economic factors
DEFINITION of 'Welfare Economics'. A branch of economics that focuses on the optimal allocation of resources and goods and how this affects social welfare. Welfare economics analyzes the total good or welfare that is achieve at a current state as well as how it is distributed. This relates to the study of income distribution and how it affects the common good. Welfare economics is a subjective study that may assign units of welfare or utility in order to create models that measure the improvements to individuals based on their personal scales.