Question

Socio economic issues pose a challenge to businesses

Answer 1

Answer:

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.