Social And Economic Factors Flashcards, test questions and answers

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What is Social And Economic Factors?

Social and economic factors play an important role in how individuals and societies interact. These factors can have both positive and negative effects on individuals, families, communities, and nations. Socioeconomic factors include income level, educational attainment, the number of people living in poverty, access to healthcare services, housing quality, employment opportunities and stability of wages. The social environment includes cultural values, beliefs and norms as well as family dynamics such as the roles of fathers and mothers. Economic factors include gross domestic product (GDP), inflation rates, consumer spending levels and debt levels. At the individual level, social and economic factors influence one’s sense of identity and self-worth. A person’s socio-economic status can affect their ability to gain access to education or employment opportunities leading to better financial outcomes or a higher quality of life. Low income households are particularly vulnerable to poverty due to limited resources available for basic needs such as food or shelter. Moreover social stigma associated with certain groups may limit their ability for upward socioeconomic mobility through educational attainment or job opportunities leading to further disparities in incomes between different racial/ethnic groups over time or even across generations due to a lack of inheritance rights or unequal access to lifelong learning opportunities At the community level social determinants may lead to issues such as segregation due unequal distribution of resources within localities which can lead health disparities among residents living in different areas. High rates of violence within certain neighborhoods can often be linked back lack investment from government institutions that can provide necessary safety measures for its citizens resulting in increased health risks for those living there than other parts of town leading difficult realities for many young people growing up in these neighborhoods who are more likely suffer from poor mental health outcomes later on down the line. Additionally high unemployment rates occurring at a macro scale may lead large segments population being unable shift into jobs that are more financially stable leaving them no choice but take whatever low paying jobs they find their way resulting lower overall standard living conditions throughout country. Economically speaking rising costs goods services along with decreasing wages result major difficulty affording basic necessities many households making them prone debt other financial chronic issues. Accessing credit lines either through bank loans lines credit cards often be difficult especially those already suffering under financial strain this could put them risk being taken advantage by predatory lenders charging exorbitant interest fees adding additional burden already strained situation.