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That's the thing, merit can be defined however we want be any value system.
One could define it as any of the things you said. I can define it as bringing happiness or health as easily as boosting profit, and if I wanted to facetiously make a point I could define it as strength or even "being closely related to previous leaders".
What is deemed as merit is itself a statement of what has highest value under that system.
Under Capitalism the merit that's rewarded, in my eyes, is the ability to make money.
I personally, would rather a system that places ability to support peace and raise quality of life as the merit that is rewarded.