ULET Flashcards
it is a field of study that examined social and economic factors to better understand hoe the combination of both influences something
socio-economic
the supply and demand of goods and service in an economy can change with the structure of business decline in birth rates mean demand will decrease
population growth
social preferences relating to fashion or fac are continuously changing, if a business refuses to adapt to changing social preferences, it’s sales will decline, the business will fall
changes in social preferences
people’s attitude towards healthy diet, because of this businesses like fitness center and demand for organic food changes
health conciousness
a business must be aware of the people’s social preferences regarding its needs and wants, these preference and needs will be influenced by _______
values, beliefs and practices
a society that values higher ______ will provide a better workforce that will lead to more productivity and innovation
education
is a value based on hard work and diligence, business believe in the requirement of hardwork and its ability to enhance character
hard work ethics
a society that supports investment in infrastructure will have access to good transportation and communication system
attitudes toward investment
consumers with positive attitude towards green ecological products
attitudes toward green and ecological prodicts
it leads to decrease in purchasing power of money for the people resulting to lower demand for goods and services
inflation rate
lead to decrease in demand in the economy and very difficult for business to find customers who are willing and able to buy it’s product
interest rate
high level of _________ will greatly affect the business because people don’t have enough money to buy goods and services offered in the market
unemployment level
high ________ will results to a higher production costs, and lead to higher prices for goods and services
labor cost
higher ______ will lead to decrease in take home pay of an individual and decrease in demand in the economy
taxes
