What is economic well-being?
Quick Answer
Economic well-being is a person's or family's standard of living based primarily on how well they are doing financially. Economic well-being is measured by the government to determine how their citizens are faring, as it is integral in a person's overall well-being.
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Full Answer
Primarily, the government uses income to judge economic well-being. However, well-being is also measured by other factors, such as the current cost of living or whether a person is disabled or not, according to the United States Census Bureau. Age is also a factor. The U.S. Census Bureau identifies five main categories related to well-being: the possession of electronics, including appliances, how basic needs are met, the state of the household, the condition the neighborhood is in and the support system a person has when problems occur.
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Where can I find free stuff for low income families?
A: Free items for low income families can be found online through free recycling sites, as well as in the "free" listings in the local paper. There are also m... Full Answer >Filed Under: -
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Is GDP a good measure of economic well-being?
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How do you create a family budget template?
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What are some good family monthly budget planner apps to download?
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