Briefly explain the Impact of socioeconomic factors in manegement
Answers
Answer:
The socio-economic factors help the management in understanding the needs and requirements of the customers it helps them to understand their aspirations, incentives and the resources, which is beneficial for the management in taking the right decisions
Answer: Socioeconomic system at the regional level refers to the way social and economic factors influence one another in local communities and households. These systems have a significant impact on the environment through deforestation, pollution, natural disasters, and energy production and use. This is a specialized branch of economics that concerns itself with studying the intimate relationship between economics and social behavior. Such things as ethics, social norms and different social philosophies have an impact on how consumers behave in an economy and the eventual shape that economy will take. The study of social economics seeks to predict what kind of results to expect when the society has been changed. It does this by studying politics, history and other social sciences.
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