Socio Economic Part 1

Question 1

study of the interrelation between economic activity and social behavior, analyzing social norms, ethics, sentiments, and other factors and how these affect the economy.

Answer 1

Socioeconomics/socio-economics

Question 2

the systematic analysis of identifying and evaluating the potential socioeconomic and cultural impacts of a proposed development on people’s lives and circumstances, families, and communities

Answer 2

socioeconomic impact study

Question 3

What are the 6 steps in conducting a socioeconomic impact study

Answer 3

1. Scoping
2. Profiling baseline conditions
3. Predicting impacts
4. Identifying mitigation
5. Evaluating significance
6. Applying mitigation and monitoring

Question 4

There is a preliminary analysis identifying and prioritizing the study’s considerations and required information.

Answer 4

Scoping

Question 5

The firm focuses on gathering information about the socioeconomic environment and context of the proposed development

Answer 5

Profiling baseline conditions

Question 6

The firm analyzes information gathered from issues scoping, baseline profiling, and past experiences in predicting possible socioeconomic impacts

Answer 6

Predicting impacts

Question 7

The firm alleviates its predicted adverse impacts that require mitigation.

Answer 7

Identifying mitigation

Question 8

The firm determines whether a proposed development will cause significant adverse impacts on valued socioeconomic components/factors

Answer 8

Evaluating significance

Question 9

The firm must have good monitoring (or follow-up) programs to effectively mitigate the socioeconomic impacts and adopt the mitigation if necessary.

Answer 9

Applying mitigaation and monitoring

Question 10

What are the 7 economic factors that affect the business

Answer 10

1. Demand and supply
2. Income/Wage
3. Exchange rates
4. Interest rates
5. Taxes
6. Inflation
7. Recession

Question 11

It is a measure of the rate of rising prices of products and services in the economy, especially for necessities

Answer 11

Inflation

Question 12

It is the significant decline in economic activity spread across the economy, lasting more than a few months

Answer 12

Recession

Question 13

What are the 6 factors that affect the health of the consumers and their community

Answer 13

1.Social status and income
2.Education level
3.Physical environment
4.Social support network
5.Genetics and personal factors
6.Access to health services

Question 14

People with a higher social status and an above-average income are inclined to have better health since they have better access to health care.

Answer 14

Social status and income

Question 15

There is a tendency to have poorer health when living in communities with low average education levels.

Answer 15

Education level

Question 16

Living in safe homes, working in healthy workplaces, and having access to safe drinking water, clean air, healthy communities, and updated infrastructure are vital factors to good health.

Answer 16

Physical environment

Question 17

People with plenty of support from their friends, family, and community are inclined to have better health

Answer 17

Social support network

Question 18

Our genetics determine health, lifespan, and probability of contracting diseases.

Answer 18

Genetics and personal factors

Question 19

There is a noticeable difference in people’s health when they can access quality health facilities and preventive medication and procedures

Answer 19

Access to health services

Question 19

Recall that economic utility (or simply utility) is the consumer’s satisfaction from consuming a product or service

Answer 19

Utility maximization

Question 20

Children from low socioeconomic status advance their academic skills slower than those from higher socioeconomic status

Answer 20

Socioeconomic status

Question 21

clarifies the principles by which a firm decides how much of each commodity it sells it shall produce and how much of each kind of economic resource it shall use.

Answer 21

Production Theory

Question 21

4 reasons why a firm conducts socioeconomic impact study

Answer 21

1. To prove that the firm’s activities benefit the economies and societies in which it operates and mitigate the risk of negative publicity, protest, and government support for its current and future operations.
2. To attest that the firm contributes to public policy goals through its profitable activities, helping policymakers develop the right mix of rules, incentives, and public services needed to maximize the firm’s contribution.
3. To prove that the firm helps predict loyalty, performance, stability, and capacity for the growth of suppliers, distributors, and retail partners. It identifies vulnerabilities and opportunities to address them.
4. To confirm that the firm understands the needs, aspirations, resources, and incentives of its customers. It enables the firm to develop profitable new products and services and to improve its existing offerings.

Question 21

studies how people spend their money based on their individual preferences and budget constraints

Answer 21

Consumer Theory

Question 22

Recall that marginal utility is the change in total economic utility resulting from a one-unit change (meaning buying more than one) when an individual consumes a product or service

Answer 22

Decreasing marginal utility

Question 22

Consumers usually make more than one (1) shopping trip when they purchase products or services due to dissatisfaction and wanting to consume more

Answer 22

Nonsatiation

Question 23

refers to the period where at least one (1) economic resource is fixed (i.e., the capital is constant)

Answer 23

short-run

Question 24

refers to the period where all economic resources are considered variables as the firm conducts research and development.

Answer 24

long-run

Question 25

The firm aims to know the cheapest combination of economic resources (inputs) to produce the desired output.

Answer 25

Short-run cost minimization

Question 26

The firm aims to know its most profitable output level

Answer 26

Short-run profit maximization

Question 27

The firm changes production levels, such as building a new plant or adding a production line, as it expects economic profits

Answer 27

Long-run profit maximization

Question 28

must be aware of the production behavior that leads to maximizing the output within the limited numbers of available outputs, helping the firm earn the maximum profit

Answer 28

Entrepreneur