Socio-Economic Factors Affecting Business and Industries

Flashcards covering socio-economic factors, micro and macro level influences, social and economic problems, and business management functions from the Applied Economics lecture.

What is the study of the relationship between economic activity and social life?

Socio-Economics

What is the specialized branch of Economics that concerns itself with the intimate relationship between economics and social behavior?

Social Economics

Who is considered to be the heart of the business?

Consumers

What factor influences the type of occupation that an individual or person can get?

Education

What determines how much a person can spend on a certain product or service?

Income

What defines the quality of life in the society?

Socio-economic factors

What social problem is defined as the scarcity or lack of necessity that gives rise to various social issues?

Poverty

What is the inability to read and write, often due to lack of access or the higher cost of education?

Illiteracy

What is cited as the primary reason behind economic instability?

Corruption

What problem is characterized by having no job or looking for a job due to a mismatch of skills and market needs?

Unemployment

What is slowdown productivity?

A minimal growth between the output volume and volume of inputs.

What is a key driver of economic growth and changes in living standards?

Productivity

How is labor productivity growth achieved?

It can be achieved if more capital is used in production or through improved overall efficiency (higher multifactor productivity growth).

What term refers to income distribution moving disproportionately towards a lower-income part of the distribution?

Income polarization

What act focuses on countries working together but can unexpectedly create negative spillovers and increase tensions?

Global cooperation

What is the process of looking at external socioeconomic issues in a business called?

Environmental Analysis

What economic factor determines lending practices and affects companies relying on debt capital?

Interest rates

Which factor affects the ability of a company to pay, especially those involved in exportation and importation?

Exchange rates

What is a slowdown or a massive contraction in economic activities?

Recession

How are social status and income related to health?

High social status and high income are positively related to health and predispose individuals to better health.

What is demographics?

The study of the population based on factors such as age, race, and sex.

Which government agency in the Philippines is mentioned as collecting demographic data?

National Statistics Coordination Board

What refers to assets or property owned by the state, including buildings, funds, and equipment?

Public Resources

What includes the basic systems and services a country needs to function and requires a huge amount of initial investment?

Infrastructure

What term describes the human use of land for economic or cultural activities?

Land use

In business and economics, what does the term 'Relocations' imply?

Job or work relocation, corporate relocation, or warehouse transfer.

What is the most critical component of a business plan?

Executive summary

What is the cost of employing product inspectors?

Appraisal cost

Which management function lays the groundwork for all other management functions?

Planning

What determines the lending practices for businesses?

Interest rates