|
SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.
Visit the GLOSS*arama
|
|

|
|
                          
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 |  Recommended Citation:QUALITY OF LIFE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].
Search Again?
Back to the GLOSS*arama
|
|
ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
Complete Entry | Visit the WEB*pedia |


|
|
PURPLE SMARPHIN [What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for rusty deck screws. Your Complete Scope
This isn't me! What am I?
|
|
A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
|
|
"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. " -- Larry Bird, basketball player
|
|
SAS Statistical Analysis Software
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|