economic welfare

Economic welfare refers to the overall well-being and living standards of individuals in a society, shaped by the availability of goods and services, income levels, employment, and quality of life. It considers how resources are distributed and whether people have access to essentials like healthcare, education, and opportunities. When economic welfare is high, people generally experience greater comfort, security, and ability to meet their needs. Economists analyze economic welfare to assess how well a country’s economy supports its citizens’ prosperity and to identify areas where improvements can enhance societal well-being.