Final answer:
The subjective measure of prosperity in terms of obtaining services and goods is called Standard of Living. GDP is commonly used to indicate standard of living but does not capture all its aspects. Economic growth contributes to standard of living, but the measurement may not fully reflect a society's true well-being.
Step-by-step explanation:
The subjective measure of how prosperous a society or individual is in terms of obtaining want-satisfying services and goods is called Standard of Living. Although Gross Domestic Product (GDP) is often used as an indicator of a society's standard of living, it is only a rough indicator. GDP calculations do not directly account for several factors that can greatly influence the perceived well-being within a society, such as leisure time, environmental quality, health and education levels, non-market activities, income inequality, and variations in technology or types of output.
Economic growth is a driver of the standard of living, and it is often measured by the percentage change in real (inflation-adjusted) GDP. A growth rate of more than 3% is generally considered good. However, it is important to note that economic growth, as measured by GDP, does not fully capture all aspects of the standard of living.