Question

Reasons why socio-economic issues pose challenges to businesses​

Answer 1

Answer:

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Answer 2

The first step to understanding what socioeconomic factors are is to understand social economics. 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.

Socioeconomic factors are, therefore, the social and economic factors that shape and determine the dynamics a society will experience. These are factors that affect the behavior of a particular group, also known as a socioeconomic class. Perhaps the most interesting behavior of members of a socioeconomic class is their behavior as consumers. Different socioeconomic classes will generally have different priorities, and this will affect how they spend their money.

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