Question

Distinguish between Economic Environment and Social Environment.

Answer 1

1. Economic development

Economic change is a process in which agriculture, industry, trade, transport, irrigation, power resources etc. are improving. It is related to the improvement in the economic condition of people and the country as a whole. Economic development can be achieved by creating employment opportunities to those who are unemployment or by creating better employment opportunities to those who are already employed. Better employment opportunities generate more incomes and when income is good, people can improve their living conditions. Expanding activities such as agriculture industry and services help to generate more incomes. One of the working definitions of economic development is that it is a process whereby an economy’s real national income increases over a long period of time. 

2. Social Development

Social development is related to the improvements in health, education, housing, drinking water, etc. and the social status as a whole. Improvement in them may be indirectly related to economic development because if income increases, people can enjoy better health, education, nutritional food and housing. If the people are poor, they can suffer malnutrition, sickness, illiteracy, homelessness, etc. So, the essence of economic development is the growth of output or real income per head of population



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Answer 2

Social environment:

It is a type of environment which is directly related to the immediate physical setting in which people live or in which something occurs or develops. It is the environment in which an individual gets education, lives and attract with different kind of institutions.

Economic environment:

The combination of different kinds of economic factors which have effect on the working of the business is called as economic environment. It can be effected by changing buying behavior of people, consumers and institutions.