Quick Answer: Well-being is what is ultimately good for a person. Also called "welfare" and "quality of life", it is a measure of how well life is going for someone. It is a central goal of many individual and societal endeavors. Subjective well-being refers to how a person feels about and evaluates their life. Objective well-being encompasses factors that can be assessed from an external perspective, such as health, income, and security. Individual well-being concerns the quality of life of a particular person, whereas community well-being measures how well a group of people functions and thrives. Various types of well-being are categorized based on the domain of life to which they belong, such as physical, psychological, emotional, social, and economic well-being. Theories of well-being aim to identify the essential features of well-being. Hedonism argues that the balance of pleasure over pain is the only factor.