The term "economic position" refers to an individual's or a household's financial standing, which is determined by factors such as income, assets, debts and expenses. It reflects one's ability to meet their needs and wants through the resources they have available. An individual's economic position can vary over time based on changes in employment status, investments or other sources of income. In general, a person is considered to be in a better economic position if they have more assets than debts, earn a higher income, and have savings that can cover their expenses for an extended period.