What is Economic Well-being?
- Economic well-being is an umbrella term, containing multiple concepts within it.
- Economic well-being mainly focuses on the well-being of members of an economy, such as consumers and households (average people).
- To achieve economic wellbeing there must be:
- Present and future financial security.
- The ability to meet basic needs (food and shelter).
- The ability to make economic choices permitting achievement of personal satisfaction (having the resources, usually money, to make spending choices. This is not fulfilled when, for example, all of one's money is spent on basic needs).
- The ability to maintain adequate income levels over the long term.
- Unfortunately, in our current world there are huge disparities in economic well-being, both within and across countries.
- Some living standards cannot be met even in developed countries, such as in the United States.