Social & Economic Factors (2024)

FAQs

Social & 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.

Economic factors include economic growth, percentage of unemployment, inflation, interest and exchange rates, and commodity (oil, steel, gold, etc) prices. These affect the discretionary income and purchasing power of households and organisations alike.

Socioeconomic impacts are typically defined as impacts to a community's self-definition, culture and customs, language, and demographic characteristics; and related changes to its economic base, main industries, employment patterns, and infrastructure.

SOCIAL: Social factors look at trends such as lifestyle factors, cultural norms and expectations such as career attitudes and work-life balance. It also concerns itself with consumer tastes and buying habits as well as population demographics.

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.

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.

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.

What are social risk factors? ›

There is growing recognition that social risk factors – such as poverty, minority race and/or ethnicity, social isolation, and limited community resources – play a major role in health, and significant gaps remain in health and in life expectancy based on poverty, race, ethnicity, and community environment.

Social/Economic risks include alterations in relationships with others that are to the disadvantage of the subject, including embarrassment, loss of respect of others, labeling a subject in a way that will have negative consequences, or in some way diminishing those opportunities and powers a person has by virtue of ...

This can include improving people's health, increasing access to education, promoting equality, and supporting the local economy. Organizations and individuals striving for positive social impact generally focus on improving the world by addressing social issues and promoting positive change.

The term 'social economy' refers to all business activities that are not only driven by a strong social mission but also intended to be economically viable. This includes cooperatives, mutual societies, non-profit associations, foundations and social enterprises, covering a wide range of activities.

Any change in economic activity – a concert or another event, an opening of a new retail store, expansion of a manufacturing facility – triggers a larger change in the local economy. An economic impact study is a way to measure the resulting increase in output produced, incomes earned and jobs created or supported.

The 3 main sectors of the economy are the primary sector, the secondary or manufacturing sector, and the tertiary or service sector.

Economic factors include current and projected economic growth; inflation and interest rates; job growth and unemployment; labor costs; impact of globalization; disposable income of consumers and businesses; likely changes in the economic environment.