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quality of life (good quality of life)

Within the context of the IPBES Conceptual Framework - good quality of life refers to the achievement of a fulfilled life, a notion which may vary significantly across societies and cultures. There is a common understanding that quality of life is composed of both shared common aspects across cultures (food security) and contextual aspects (e.g. self-determination), which can be assessed objectively (e.g. caloric intake) or subjectively (e.g. life satisfaction) applying quantitative and qualitative indicators. Good quality of life is generally portrayed through material conditions (e.g.

purchasing power parity

An economic theory that estimates the amount of adjustment needed on the exchange rate between countries in order for the exchange to be equivalent to each currency’s purchasing power. It states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries. This means that the exchange rate between two countries should equal the ratio of the two countries’ price level of a fixed basket of goods and services.