Socioeconomic impact

Socioeconomic impact refers to how an event, policy, or situation affects people's economic and social well-being. It considers factors like income, employment, education, health, and community stability. For example, a new factory might create jobs (positive impact) but also cause environmental issues (negative impact). Understanding socioeconomic impact helps us see how changes influence different groups, especially those most vulnerable, and guides decisions to promote fair and sustainable development. It combines economic factors with social conditions to provide a comprehensive picture of how certain actions or changes affect society as a whole.