Social Economic Factors

Written by hunter taylor
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Social Economic Factors
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Socioeconomics is the relationship between economic activity and social life. Social economic factors, often called socioeconomic factors, are used to compare social life and economic activity. Included are such aspects as education, wealth and employment.

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Education

It is commonly believed that the higher your education the better your social standing. For example, an attorney has the opportunity for more impact on society than a high school dropout.

Employment

Those areas with low unemployment have a better quality of life.

Wealth

The wealthier a nation, especially regarding gross domestic product (GDP), the better the standard of living. When a nation can produce and sell its goods and services on the global market that money goes back into the economy to provide its residents a basic standard of living.

Health

Healthier populations and regions that invest in public health initiatives (using public and private sector dollars) inspire healthy behaviours, which results in lower mortality rates.

Occupational prestige

On a societal level, doctors, professors and CEOs are more valued than waiters, janitors and administrative assistants.

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