Economic welfare broadly refers to the level of prosperity and living standards in an individual or group of persons. In the field of economics, it specifically refers to utility gained through the achievement of material goods and services. In other words, it refers to that part of social welfare that can be fulfilled through economic activity.[1]
Economic welfare is measured in different ways, depending on the preferences of those measuring it. Factors used to measure the economic welfare of a population, include GDP, literacy, access to health care, and assessments of environmental quality.