It is known that the well-being of an individual and his family depends on the level of economic development of the whole state. In developed countries, the wealth and well-being of citizens is directly proportional to the total volume of industrial production. Does the concept of the well-being of a nation have the same meaning as the wealth of its elected representatives?
Wealth - synonym for material abundance, a stable income of an individual, family or social group, receiving constantly growing profits due to the availability of means of production and material resources in the form of real estate, equipment, bank accounts.
Welfare is an economic category that reflects the provision of an individual, a group of people or the state as a whole with benefits that satisfy material, social and spiritual needs.
In the ordinary consciousness, wealth is associated with the ability to possess accumulated and multiplied values, which in monetary terms exceed the natural needs of a person in daily spending on necessities.
Economists consider wealth to be the difference between monetary assets and liabilities.
Philosophers under the concept of wealth mean the material and property superiority of some members of society over others.
Different opinions about wealth coincide in the main: the higher the well-being of each of the inhabitants of the state, the greater the percentage of rich people living in it.
The welfare of the population depends on the nature of economic relations, the level of development of productive forces, material and technical production base, the use of energy-saving technologies and the method of managing production processes.
The combination of these factors determines the possibility of satisfying the needs of each person for quality food, good rest, medical services, social protection and spiritual development.
The well-being of an individual and the entire nation can be called the level of satisfaction of a variety of needs, benefits and pleasures.
- Wealth is the possession of material values that exceed the needs of a person and his family.
- Welfare - security, social security and the possibility of spiritual development of each member of society.
- Wealth can be accumulated or lost. Welfare - increase or decrease during an economic crisis.
- Wealth, for all its materiality, is referred to as abstract concepts. Welfare is an economic category that operates with specific calculated and statistical data.