Quality assurance, or QA for short, refers to planned and systematic production processes that provide confidence in a product's suitability for its intended purpose. Refer to the definition by Merriam-Webster for further information. It is a set of activities intended to ensure that products (goods and/or services) satisfy customer requirements in a systematic, reliable fashion. QA cannot absolutely guarantee the production of quality products, unfortunately, but makes this more likely.
Two key principles characterise QA: "fit for purpose" (the product should be suitable for the intended purpose) and "right first time" (mistakes should be eliminated). QA includes regulation of the quality of raw materials, assemblies, products and components; services related to production; and management, production and inspection processes.
It is important to realize also that quality is determined by the intended users, clients or customers, not by society in general: it is not the same as 'expensive' or 'high quality'. Even goods with low prices can be considered quality items if they meet a market need.