INDUSTRIES AND IDENTIFICATION OF BUSINESS OPPORTUNITIES SOCIAL ECONOMICS/ SOCIO ECONOMICS Social economics is primarily concerned with the interplay between social processes and economic activity within a society. Social economics may attempt to explain how a particular social group or socioeconomic class behaves within a society, including their actions as consumers. SOCIOECOMICS FACTORS EDUCATION More schooling is linked to higher incomes, better employment options, and increased social supports that, together, support opportunities for healthier choices. OCCUPATIONAL STATUS Occupational status can determine access to resources that can affect exposure to hazards and risk for death and disability. INCOME Income allows families and individuals to purchase health insurance and medical care, but also provides options for healthy lifestyle choices. EMPLOYMENT Most adults spend nearly half their waking hours at work. Working in a safe environment with fair compensation often provides not only income, but also benefits such as health insurance, paid sick leave, and workplace wellness programs that, together, support opportunities for healthy choices. FAMILY AND SOCIAL SUPPORT Social support stems from relationships with family members, friends. ENVIRONMENTAL FACTORS These systems have a significant impact on the environment through deforestation, pollution, natural disasters, and energy production and use. COMMUNITY SAFETY Accidents and violence affect health and quality of life in the short and long-term, for those both directly and indirectly affected, and living in unsafe neighborhoods can impact health in a multitude of ways. SOCIOECONOMIC IMPACT AND IT’S CAUSES CAUSES 1. Economic Policies: Government economic policies, such as taxation, trade regulations, and monetary policies, can influence income distribution and wealth accumulation, impacting socioeconomic conditions. 2. Globalization: The interconnectedness of economies globally can lead to both positive and negative impacts on socioeconomic conditions. 3. Technological Advancements: Rapid technological changes can create job opportunities, but they may also lead to job displacement, particularly for those with outdated skills, contributing to socioeconomic disparities. 4. Education Disparities: Unequal access to quality education can perpetuate socioeconomic inequality. 5. Healthcare Disparities: Inadequate access to healthcare services can contribute to health inequalities, affecting both productivity and the overall well-being of a population. IMPACTS 1. Income Inequality: Unequal distribution of wealth and income disparities can lead to a significant gap between the rich and poor, affecting access to basic needs and opportunities. 2. Unemployment and Poverty: Economic downturns, technological shifts, and globalization can contribute to unemployment, leading to increased poverty rates and decreased living standards. 3. Social Mobility: Socioeconomic conditions impact the ability of individuals to move up or down the social ladder. 4. Health Disparities: Socioeconomic factors can influence health outcomes. Lower-income individuals may face challenges in accessing healthcare, leading to disparities in health and life expectancy. 5. Education Disparities: Unequal access to education perpetuates a cycle of disadvantage COMMON TYPES OF ECONOMIC POLICIES 1. Monetary Policy 5. Labor Market Policies 2. Fiscal Policy 6. Exchange Rate Policy 3. Trade Policy 7. Environmental Policy 4. Industrial Policy SOCIOECONOMIC IMPACTS ON SOCIOECONOMIC VARIABLES CONSUMER ( NEW PRODUCT AND SERVICES ) – A new business means new products or services are available to the buyers, giving them more choices. – As a business starts, the seller may make the product available at introductory prices lower than the other substitutes in the market. This will definitely be an advantage to the price conscious buyers who have limited budgets. – As long as a new business can provide new goods and services, better quality of goods and more options, the consumer can benefit from it. But if a business comes up with a low quality good and does not provide the consumer value for his/her money, then this business will have a negative impact on the market. SUPPLIERS AND INVENTORS ( CAPITAL, INCOME ) – A new business will provide opportunities for suppliers and investors. Many suppliers will now get a chance to sell to the newly established business, which means income for them. – Demand for the goods provided by the suppliers will increase. These suppliers will now need to produce more of them and they will need to hire more workers who will earn wages from being employed. – More capital will be needed to invest in the production of goods, generating income for the economy. GOVERNMENT ( TAX REVENUES, POVERTY ALLEVIATION, BASIC SERVICES ) – The government will benefit from the establishment of new businesses through revenues earned on fees collected from them and on taxes imposed on the incomes of these businesses. – Employees hired by these businesses also have to pay personal income taxes to the Bureau of Internal Revenue (BIR). For employed workers, these taxes are regularly withheld by their employers and remitted to the BIR. – Tax revenues fuel development because they are used by the government for national activities and for budget allocations for its programs. HOUSEHOLDS ( STANDARD OF LIVING, EMPLOYMENT ) – New businesses mean employment opportunities for Filipinos. Those who have jobs but are earning low-wages may find better paying jobs with the new companies. Unemployed workers looking for work may have the chance of being employed by these companies. – Acquisition of wealth and assets can now follow both for the business owners and the employees they hire. INTERNATIONAL TRADES ( EXPORTS AND IMPORTS OF GOODS AND SERVICES ) – Countries that are open to international trade tend to grow faster, innovate, improve productivity and provide higher income and more opportunities to their people. – Open trade also benefits lower income households by offering consumers more affordable goods and services. – Integrating with the world economy through trade and global value chains helps drive economic growth and reduce poverty locally and globally. THANKYOU FOR LISTENING !
