Wealth and welfare
The concepts of wealth and welfare stand at the heart of Economics. A nation's wealth consists of its stock of goods and services, i.e. it includes tangible goods like houses as well as intangibles like the services of doctors and lecturers.
Welfare refers to the satisfaction that the individual or society derives from wealth. If the welfare of one person or group of persons is increasing without at the same time anyone being made worse off, we could say that this is an improvement in the welfare of society as a whole.