MODULE 8

• Socioeconomics - Is the study of the interrelation between economic activity and social behavior, analyzing social norms, ethics, sentiments, and other factors and how these affect the economy. 
• socioeconomic - impact study is the systematic analysis of identifying and evaluating the potential socioeconomic and cultural impacts of a proposed development on people’s lives and circumstances, families, and communities. 
• Scoping – There is a preliminary analysis identifying and prioritizing the study’s considerations and required information. With the help of early and effective scoping, it narrows the focus of the study onto issues of potential significance.
• Profiling baseline conditions – The firm focuses on gathering information about the socioeconomic environment and context of the proposed development, including the definition of measurable indicators of valued socioeconomic components/factors.
• Predicting impacts – The firm analyzes information gathered from issues scoping, baseline profiling, and past experiences in predicting possible socioeconomic impacts. Also, as part of the analysis, it identifies trade-offs between a proposed development's adverse and beneficial impacts.
• Identifying mitigation – The firm alleviates its predicted adverse impacts that require mitigation. It must develop strategies, plans, and programs to reduce, avoid or manage impacts.
• Evaluating significance – The firm determines whether a proposed development will cause significant adverse impacts on valued socioeconomic components/factors. If the firm cannot identify the appropriate mitigation measures, there will be no approval of the proposed development.
• Applying mitigation and monitoring – The firm must have good monitoring (or follow-up) programs to effectively mitigate the socioeconomic impacts and adopt the mitigation if necessary.
• Inflation – It is a measure of the rate of rising prices of products and services in the economy, especially for necessities.
• Recession – It is the significant decline in economic activity spread across the economy, lasting more than a few months (NBER, 2008).
• Social status and income – People with a higher social status and an above-average income are inclined to have better health since they have better access to health care
• Educational level – There is a tendency to have poorer health when living in communities with low average education levels. There is also a link to lower self-confidence and more stress for individuals with a low education level.
• Physical environment – Living in safe homes, working in healthy workplaces, and having access to safe drinking water, clean air, healthy communities, and updated infrastructure are vital factors to good health.
• Social support network – People with plenty of support from their friends, family, and community are inclined to have better health. There is an improvement in the community's health if there is an improvement in its culture (tradition, beliefs, and customs).
• Genetics and personal factors – Our genetics determine health, lifespan, and probability of contracting diseases. Personal factors include the ability of a person to cope with challenges.
• Access to health services – There is a noticeable difference in people’s health when they can access quality health facilities and preventive medication and procedures.
• Socioeconomic status – Children from low socioeconomic status advance their academic skills slower than those from higher socioeconomic status.
• Consumer Theory - Studies how people spend their money based on their individual preferences and budget constraints.
• Utility maximization – Recall that economic utility (or simply utility) is the consumer's satisfaction from consuming a product or service (McEachern & Burrow, 2017). Consumers make calculated decisions to get the greatest benefits from purchasing products or services.
• Nonsatiation – Consumers usually make more than one (1) shopping trip when they purchase products or services due to dissatisfaction and wanting to consume more.
• Decreasing marginal utility – Recall that marginal utility is the change in total economic utility resulting from a one-unit change (meaning buying more than one) when an individual consumes a product or service.
• Production Theory - Clarifies the principles by which a firm decides how much of each commodity it sells it shall produce and how much of each kind of economic resource it shall use.
• Shortrun - refers to the period where at least one (1) economic resource is fixed (i.e., the capital is constant),
• Longrun - refers to the period where all economic resources are considered variables as the firm conducts research and development.
• Short-run cost minimization – The firm aims to know the cheapest combination of economic resources (inputs) to produce the desired output.
• Short-run profit maximization – The firm aims to know its most profitable output level.
• Long-run profit maximization – The firm changes production levels, such as building a new plant or adding a production line, as it expects economic profits (Grant, 2021).
• Economic profit - is the difference between the revenue received from the sale of an output and the costs of all inputs used, as well as any opportunity costs (Tuovilla, 2020).