Quality of life

Definition

Quality of life is a measure of the general well-being and satisfaction individuals have with their lives, considering factors such as health, happiness, and material conditions. It reflects how effectively an economic system meets the needs and desires of its inhabitants.

Related terms

Economic System: An organizational structure for addressing what goods and services to produce, how to produce them, and who gets them.

Gross Domestic Product (GDP): A monetary measure of the market value of all final goods and services produced in a period by a country.

Social Welfare: Programs designed by governments or private institutions to support the well-being of individuals and communities through assistance measures