Q:

What is economic well-being?

A:

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.

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.


Is this answer helpful?

Similar Questions

  • Q:

    How do you save money in tough economic times?

    A:

    The Consumer Federation of America recommends saving money by avoiding impulse buys; limiting unnecessary conveniences, such as entertainment memberships; and researching lower rates on essential purchases, including auto insurance, prescriptions, utilities and phone services. Tracking monthly spending habits helps consumers develop a cost-saving budget and identify repetitive purchases that quickly drain bank accounts.

    Full Answer >
    Filed Under:
  • Q:

    What is budget monitoring?

    A:

    Entrepreneurship.org notes that monitoring a budget involves performing a regular comparison of projected financial costs and gains against actual performance numbers. Discovering the variances between budgeted amounts and actual financial performance allows management to determine how well a company is meeting goals. Monitoring the budget also functions as a powerful cost management tool for businesses.

    Full Answer >
    Filed Under:
  • Q:

    How can you create a budget sheet in seven steps?

    A:

    Create a business budget sheet that accurately describes the amount of money you can spend on your business while allowing for flexibility for unforeseen circumstances. Make a list of set monthly expenses, such as buying supplies, restocking inventory, paying bills and meeting payroll. Have a certain amount allocated to emergency funds, and go over your budget every month to change things as needed.

    Full Answer >
    Filed Under:
  • Q:

    What causes high electric bills?

    A:

    A home's HVAC system and appliances are the most common causes of high electricity bills. Most modern appliances and gadgets draw electricity when turned off, which causes them to consume a lot of electricity over a long period.

    Full Answer >
    Filed Under:

Explore