Economic status

Economic status refers to the overall financial well-being of an individual, household, or country. It considers factors like income, employment, assets, and access to resources. A higher economic status typically means greater financial stability and the ability to afford goods and services, while a lower status may indicate limited resources and financial challenges. This measure helps understand living standards, opportunities, and quality of life, and is often assessed through income levels, wealth, and economic opportunities available to a person or community.