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v. t. e. Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how modern societies progress, stagnate, or regress because of their local or regional economy, or the global economy.
An economic impact analysis (EIA) examines the effect of an event on the economy in a specified area, ranging from a single neighborhood to the entire globe. It usually measures changes in business revenue, business profits, personal wages, and/or jobs. The economic event analyzed can include implementation of a new policy or project, or may ...
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one, known as "new economic sociology". The classical period was concerned particularly with modernity and its constituent aspects, including rationalisation, secularisation ...
Social inequality is linked to economic inequality, usually described on the basis of the unequal distribution of income or wealth. Although the disciplines of economics and sociology generally use different theoretical approaches to examine and explain economic inequality, both fields are actively involved in researching this inequality.
Effects of economic inequality. Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, [1] a lower population-wide satisfaction and happiness [2][3] and even a lower level of economic growth when human capital is neglected for high-end consumption. [4]
In economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced components that are involved in either consumer or producer market transactions. Air pollution from motor vehicles is one ...
Socioeconomic status (SES) is an economic and sociological combined total measure of a person's work experience and of an individual's or family's access to economic resources and social position in relation to others. [1][2] When analyzing a family's SES, the household income and the education and occupations of its members are examined ...
Social cost. cost in neoclassical economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the transaction for which they are not compensated or charged. [1] In other words, it is the sum of private and external costs. This might be applied to any number ...