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Economic factors are things that affect production, sale and distribution of goods such as: types of industry or businesses.
Social factors are things that affect lifestyle, such as religion, family or wealth. These can change over time.
Society and business interact in any given location, making it unique and impacting people's lives.
Educated people from all over the world move to Charlotte for jobs related to this. As a result, Charlotte is become a more diverse and educated city.
In this way our society is shaped by our industries.
Socioeconomic:
involving a combination of social and economic factors
One of Charlotte's major industries is banking. Banking is a major economic factor in Charlotte.
Socioeconomic factors refer to both social and economic factors. These two things
interact to shape specific societies.
adj.
of or relating to money/businesses and how they work.