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Learning Kit #11 - W5Q4 - Socio Economic Impact Study

SOCIO-ECONOMIC IMPACT STUDY

  • Focus: Examine the socio-economic impacts on business and industry.

  • Purpose: Understand community effects and make recommendations.

OBJECTIVES

  • Understand how socio-economic factors affect business and industry.

  • Evaluate business impacts on the community.

  • Formulate recommendations to minimize negative impacts and maximize positive impacts of businesses.

COMMUNITY ENGAGEMENT

  • Reflect on visual representations of community and socio-economics.

  • Engage in discussions to deepen understanding.

SUSTAINABLE DEVELOPMENT GOALS (SDGs)

  • Analyze the SDGs from the 2030 Agenda.

  • Identify critical SDGs needing urgent attention.

  • Link government programs with relevant SDGs.

SOCIOECONOMICS OVERVIEW

  • Definition: Study of how economic activity is influenced by social processes.

  • Focus Areas:

    • Social, cultural, and economic impacts on society.

    • Interaction between social and economic factors and environmental effects.

MEASURING SOCIO-ECONOMIC IMPACT

  • Importance: Businesses measure socio-economic impacts to maintain operations, improve environments, and innovate.

  • Tools: Diverse tools exist with varying assumptions and focuses.

SUSTAINABLE DEVELOPMENT IN DEPTH

  • Definition: Meeting present needs without compromising future generation needs.

  • Key Concepts:

    • Essential needs of the poor take priority.

    • Limitations imposed by technology and social organization on environmental capacity.

THREE PILLARS OF SUSTAINABLE DEVELOPMENT

  • Social Pillar:

    • Focus on community and stakeholders (employees, consumers).

    • Business sustainability relies on community support.

  • Environmental Pillar:

    • Concern for natural resources and efficient use to meet present and future needs.

    • Industries to consider environmental impacts, e.g., energy production and large mining.

    • Innovations: Shift to energy-efficient processes and eco-friendly products (e.g., hybrid cars).

  • Economic Pillar:

    • Emphasizes the effective management for profitability.

    • Balancing profit with societal and environmental considerations.

SOCIOECONOMIC STUDY COMPONENTS

  • Aim: Assess sustainability impact of programs/business ventures.

  • Key Questions:

    • Does the action benefit all community segments?

    • Are benefits long-term?

IMPORTANCE OF SOCIOECONOMIC IMPACT STUDY

  • Creating Awareness:

    • Informing community about developments and potential societal impacts reduces conflicts.

  • Effectiveness Check:

    • Assessing effectiveness of policies/projects like an inspection.

  • Community Feedback:

    • Essential for adjusting policies and understanding service demands and trends.

    • Inform business product development based on social changes.

STEPS IN CONDUCTING A SOCIOECONOMIC IMPACT STUDY

  1. Define study scope.

  2. Identify data collection methods.

  3. Analyze data and present findings.

LEARNING REINFORCEMENT

  • Task: Conduct a socio-economic impact study on banning plastic use.

  • Objective: Gather community sentiment and government perspectives.

  • Deliverable: Create a quality questionnaire/survey for data collection.

EVALUATION

  • Multiple-choice questions based on learning materials.