Socioeconomic factors are economic indicators that are used to model the characteristics of communities, social groups and households. For example, factors such as income, wealth and education that are used to categorize populations as working class, middle class or upper class. The following are common socioeconomic factors.
Access to Capital
Access to Healthcare
Cost of Living
Quality of Life
Primary Socioeconomic FactorsIn practice, a handful of factors are used to determine socioeconomic status and socioeconomic class. This is because income and wealth solve most economic problems. For example, if you're wealthy you're not likely to experience housing insecurity and other problems of poverty. Education level is used to differentiate between socioeconomic classes such as the working class and the intelligentsia that may have similar income levels. For example, an artist trained in fine arts wouldn't be viewed as working class whatever their income.
SummarySocioeconomic factors are economic characteristics that are used to describe social groups. Next: Socioeconomic Status
More about social status:
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