Social & Economic Factors (2024)

FAQs

What are the social and economic factors? ›

Social and economic factors include factors such as income, education, employment, community safety and social support. The choices that are available in a community are impacted by social and economic factors. These choices include our abilities to afford medical care and housing and to manage stress.

Many economic factors, such as unemployment, exchange rates, inflation, wages, and supply and demand, typically impact how businesses make a profit and increase their efficiency. Companies that study these factors can usually predict consumer spending and plan their marketing efforts to improve performance.

Economic factors include economic growth, percentage of unemployment, inflation, interest and exchange rates, and commodity (oil, steel, gold, etc) prices.

Social economics is a social science and a branch of economics that focuses on the relationship between social behavior and economics. Social economics is also referred to as socioeconomics. Social economics is primarily concerned with the interplay between social processes and economic activity within a society.

Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.

Social factors represent another important set of influences on consumer behavior. Specifically, these are the effects of people and groups influencing one another through culture and subculture, social class, reference groups, and family.

According to Dictionary.com , a job is a post of employment. The definition of a career is an occupation or profession, especially one requiring special training followed as one's lifework. Here are some tips to help you work towards your career or turn your job into a career.

What are the four factors that affect a community? ›

They are broken into four categories: human elements, social factors, environment and geography, and resources. Each factor discussed in the article is only a factor that may possibly be present in a community that can contribute towards community development.

Socioeconomic status is a complex concept that involves education, income, overall financial security, occupation, living conditions, resources, and opportunities afforded to people within society. Socioeconomic status and one's perceived social standing are factors of social class.

Composition of family is an example of social environment. Social environment consists of the customs and traditions of the society in which business is existing. It includes the standard of living, taste, preference and education level of people living in the society where business exists.

In a capitalist system, economic growth increases prosperity and improves living standards but generates social and economic inequality, while in a socialist system the economy reduces social and economic inequality but generates less economic growth.

These systems and structures impact the distribution of resources, money and power in a community and around the world. This distribution, known as the socioeconomic environment, shapes how communities and individuals can gain the resources needed to meet their basic human needs.

Social factors represent another important set of influences on consumer behavior. Specifically, these are the effects of people and groups influencing one another through culture and subculture, social class, reference groups, and family.

Socioeconomic status is typically broken into three levels (high, middle, and low) to describe the three places a family or an individual may fall into. When placing a family or individual into one of these categories, any or all of the three variables (income, education, and occupation) can be assessed.