Essay about Impact Of Social Factors On The Economy

Essay about Impact Of Social Factors On The Economy

Length: 864 words (2.5 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

Impact of Social Factors on the Economy
Economic growth and development in a country is basically described as the qualitative measure of advancement in an economy. The progress is normally evaluated on the basis of technological improvements, change from an agrarian to modern economy, and improved living conditions for the population across the entire socio-economic stratifications. In addition, economic development and growth is measured on the premise of the ability of progress to contribute to improved productivity and comfort. Therefore, an economy is usually influenced by several factors associated with the population’s living conditions, industrialization, and technological advancements. One of the major factors affecting a country’s economic growth is social and cultural forces within the economic community.
Social factors have continued to have significant impacts on the economy because of the role they play in shaping the population’s attitude towards the achievement of progress. For instance, while societies that value individual gain and achievement experience significant economic development, those that discourage such measures achieve little to no progress (Williams, n.d.). The impact of social factors on the economy is demonstrated through socio-economic theory of regulatory compliance. This theory highlights the significance of regulation of economic activities despite of the global trends that focus on lessening centralization and governmental intervention in the marketplace.
According to Sutinen & Kuperan (1999), the major factors determining compliance based on this theory include probable illegitimate gain, social environmental influences, personal moral development and individual morality standards, ...


... middle of paper ...


...e country to make any significant progress has usually been hindered by tribalism to an extent that no considerable accomplishments have been realized. Tribalism affects the economy by obstructing the nation’s ability to get the right or qualified people for the right job, diverting national resources and focus, and strengthening tribes at the expense of the country.
In conclusion, social factors that affect the economy are mainly attributed to social learning theory and cognitive theory or morality and environmental conditioning effects respectively. Socio-economic theory demonstrates that Kenya’s economy is affected by factors that exceed the economic dimension and incorporates issues that are directly linked to social and human values. Therefore, significant economic growth can be achieved through a multi-faceted approach that address the cross cutting issues.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on Planning Corporate Social Responsibility

- The dependent variable of this study is awareness of CSR Planning. CSR awareness is about corporate responsibility in how the corporate inculcates knowledge and interest to ensure employees (Abdullah & Khairuddin, 2013) concern in the importance of CSR. Social awareness is seen as one of the key mechanisms of consciousness-raising, the other being social action (Greene & Kamimura, 2003). The meaning of planning is the process of making plans for something (Oxford Dictionary). According to the Bowen (1953) cited in Abdullah & Rashid (2012), social responsibility speak of to the responsibilities of businessman to pursue those rules, to make those conclusions or to follow those lines of action,...   [tags: environment and social factors]

Better Essays
654 words (1.9 pages)

Digital Information and Communication Technology Impact Business Models for the New Economy

- Consider how digital Information and Communications Technologies have provided opportunities for developing new business models In the era of new economy, the intense change have taken place in enterprise management environment, in order to develop and survive, businesses have to innovate their business models. Digital information and communication technologies have played a crucial role of promoting the emergence and innovation of new business models, and also brings innovation to the management style of business....   [tags: New Economy]

Better Essays
1765 words (5 pages)

The Impact Of Gbv On The Economy Of Tanzania Essay

- 2.3(3) The Impact of GBV on the economy of Tanzania The Tanzanian economy mostly depends on agriculture, which is the backbone of this developing nation (Khalfani and Nzomo, 1995). GBV might have a direct link to affecting the economy of families, communities and nations when those affected are less productive or non-productive (ILO, 2011; Moreno et al, 2005). ‘According to a recent survey by the International Labour Organisation, the cost of domestic violence in the UK in decreased productivity is estimated to be 2.7 billion a year in less productivity, lost wages and sick pay with an annual direct and indirect total cost of 23 billion’ (ILO, 2011)....   [tags: Domestic violence, Violence against women]

Better Essays
930 words (2.7 pages)

Factors that Essay

- Economic development has been a major emphasis in the global community; the growth of Gross National Product (GNP) and the Gross Domestic Product (GDP) are used to indicate the progress of the economic development. The pace of human development has increased substantially even before the industrial revolution (IPCC 2007). The advances in technology have allowed the utilisation of high-density carbon-based energy sources, such as fossil fuel to power machineries and coal burning for electricity generation....   [tags: environmental issues, economic development]

Better Essays
949 words (2.7 pages)

Social And Environmental Factors Of Developing Countries Essay

- Developing countries have fewer resources to obtain than the developed countries like America as a result of different social and environmental factors. Currently, developing countries are catching up by doing researches on the biosensor or self-diagnose devices within the range they can afford. The developing world is striving to improve their quality of life. The Social factors and Environmental Factors in developed and developing countries affect the medical devices in different ways. Social contacts are ways people interact with one another and it 's factor are such as culture and religion, but also many other aspects that fall under the culture umbrellas like, ethnicity, race, nationali...   [tags: Medicine, Health care, Developing country, Health]

Better Essays
1203 words (3.4 pages)

Political, Economic, Social, And Cultural Factors Essay

- Over the course of this research, I intend to complete a comparative analysis of two completely different world societies and explore how political, economic, social, and cultural factors affect these society’s access to education as a whole. The two societies I have chosen to bring attention to are those of the Caribbean and Japan. Although both areas are highly spread apart and located nowhere near one another, each has a number of aspects that go to influence schooling, the education curriculum, assessment, and utilization of educational credentials based on the status of the society’s origin....   [tags: Education, Higher education, High school]

Better Essays
1716 words (4.9 pages)

The Effectiveness of Forestry Legeslation and Its Impact on the Local Economy

- In “The Impact of Forestry-Related Ordinances on Timber Harvesting in St. Tammany Parrish, Louisiana". Contemporary Economic Policy, Vol. 27(1), pg. 67-75, by Henderson et al, the authors try to determine the effects of increasing regulation in the state and local government level on forestry practices on private land. This is particularly concerning because the number of ordinances are doubling every 5 years. The main cause of this increase is the migration of the population from urban areas to rural settings....   [tags: protection, property, logging]

Better Essays
720 words (2.1 pages)

The World : Crack Economy By Phillipe Bourgois, And The Film People Like Us Social Inequality

- As time passes, there are a few things that have stayed constant since the beginning of time. One of those things is the inevitable creation of class and social structure. Class and social structure are constructed because of the inequality between classes. In “Workaday World – Crack Economy” written by Phillipe Bourgois, and the film People Like Us social inequality is present. In this paper, I will use the theories of Pierre Bourdieu and Leith Mullings to analyze and evaluate social equality while using the film and essay as a guideline....   [tags: Sociology, Pierre Bourdieu, Social stratification]

Better Essays
1095 words (3.1 pages)

The Impact of Offshoring on the U.S. Economy Essay

- Off-shoring is the establishment of business operations outside national boundaries. The process of moving business outside these boundaries is to garner an advantage either through tax breaks, lower wages, lower transportation cost and/or relaxed regulations ("Offshore definition," 2014). Many firms either branch out as a horizontal multinational or vertical multinational. Horizontal multinational’s produce the same good or services as abroad. This foreign direct investment (FDI) is done to strategically place production closer to the target market....   [tags: The Economics Behind Offshoring]

Better Essays
1143 words (3.3 pages)

Essay on Immigration and Its Effect on the United States' Economy

- Immigration and Its Effect on the United States' Economy The 1990s have brought the largest influx of immigrants into labor force of the United States of any decade in this nation's history. A panel of social science scholars concluded their assessment of U.S. society with the observation that "America's biggest import is people" and determined that "at a time when attention is directed to the general decline in American exceptionalism, American immigration continues to flow at a rate unknown elsewhere in the world" [Oxford Analytica 1986, 20]....   [tags: Immigrants Impact Economics Cause Essays]

Better Essays
1653 words (4.7 pages)