QUALITY OF LIFE: A common term used to indicate the overall level of well-being or welfare of a person or group of people, taking into account both monetary and non-monetary factors. This notion is theoretically synonymous with utility and the satisfaction of wants and needs. However, from a practical standpoint, attempts have been made to measure the quality of life, primarily as a means of comparison between communities. Quality of life measures are composite indexes based on monetary factors such as income, wages, living costs, and taxes, combined with non-monetary factors such as crime rate, air quality, and education level.
See also | utility | satisfaction | cardinal utility | ordinal utility | urban economics | index |
QUALITY OF LIFE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: January 28, 2023].
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