How does the economy affect the quality of life?

Answer 1

According to Maslow's hierarchy, people have categories of needs. The most fundamental is the need for physical safety and security. It so happens that money (which economies are based largely on) can, in most countries, buy a person a certain amount of physical security and safety in the form of heat (required for survival), shelter (temporary or permanent), or protection (from physical harm by others). Other layers of needs involve other things like friendships and family or education or leisure time. But safety is the most crucial and without money most people are exposed to danger from the elements and other animals.