Question

A loose, subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services is known as: __________

Answer 1

A loose, subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services is known as: Standard of Living

Explanation:

The measurement of quality of life and the prosperity of materials that are utilized by an group of people in an area or in a particular demography refers to the standard of living. The propriety the individuals or population in a country is the general measure for the standard of living. The material prosperity of a country can be compared with that of the other country to value it economically.  

The main thing that is focused in this measurement is the quantity of goods and services that are manufactured and made it to be sold to an individual, family, class or a country.  GDP per capita is the unit for measuring this. It is the ratio of gross domestic product of a country to the population of a country.