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Identify and Explain Various Socioeconomic Factors Affecting Business and Industry

Various socioeconomic factors affect businesses and industries, including: 1) Economic conditions like scanning the environment before taking action and planning; 2) Social environments like considering target population tastes and behaviors; 3) Governments that update laws and regulations. 4) Economic changes correlate with social ones focusing on wages, inflation, and interest rates. 5) Political changes imply government influences on societal changes. 6) Technological changes significantly threaten millennials. 7) Environmental factors like climate change affect trades, location, weather, and more. As a business owner, one must explain how these socioeconomic factors influence their operations.

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bmaria krizza
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596 views9 pages

Identify and Explain Various Socioeconomic Factors Affecting Business and Industry

Various socioeconomic factors affect businesses and industries, including: 1) Economic conditions like scanning the environment before taking action and planning; 2) Social environments like considering target population tastes and behaviors; 3) Governments that update laws and regulations. 4) Economic changes correlate with social ones focusing on wages, inflation, and interest rates. 5) Political changes imply government influences on societal changes. 6) Technological changes significantly threaten millennials. 7) Environmental factors like climate change affect trades, location, weather, and more. As a business owner, one must explain how these socioeconomic factors influence their operations.

Uploaded by

bmaria krizza
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Various socioeconomic

factors affecting
business and industry
1. Economic Condition
•Scan your external
environment before you
take an action and
visualize your plan.
2. Social environment
•Consider the taste
preferences, lifestyle,
behaviour of your target
population or market.
3. Government
•Who are in charge
in updating laws
and regulations.
4. Economic Changes
•Correlates to social
ones and focus of
wages, rate of inflations
and rate of interest.
5. Political Changes
•Implies among
government influences
about changes of the
society.
6. Changes of Technology
•Considerate about
the threat significant
to millennial.
7. The environmental factor
•That can affect everything
such as: influence of
trades, climate changes,
the location, the weather
and other factor.
ACTIVITY
 Ifyou are a Business owner
how are you going to explain
the various socioeconomic
factors affecting business and
industry.

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