socio-economic impact

Socio-economic impact refers to how certain events, policies, or changes affect people's lives and communities economically and socially. It looks at factors like income, employment, education, health, and social well-being. For example, a new factory might create jobs (economic benefit) but also cause pollution or noise (social challenge). Understanding these impacts helps policymakers weigh the positive and negative effects of decisions, aiming to improve quality of life and ensure fair distribution of resources within society.