"Socioeconomic" refers to the influence of finances and educational advantages on social status. The term is most often used in explanations of class. Sociologists believe there is a direct correlation between the number of opportunities provided to individual and the abilities of those people to climb the social ladder.
Sociologists and psychologists believe that those who enjoy an affluent lifestyle have a considerable amount of advantages over their more financially depressed counterparts. Obtaining a good job as an adult often begins with education. A quality education costs money, and statistics show that affluent parents are willing to spend money in order to give their children every advantage over their classmates, whereas parents who face economic challenges place a lower priority on spending additional money on supplements to education.
Psychologists also weigh in that those children who come from families of a high socioeconomic status tend to be more confident in their abilities. Statistics show that this facilitates a static socioeconomic status. In other words, those children who are born poor tend to remain poor the rest of their lives. Those who are born into affluent families achieve affluence themselves in adulthood. There has been considerable emphasis over the past few years of the influence of socioeconomic status on power, particularly in corporations and government. Questions have been raised about the ability of CEOs and government officials to make sound decisions in the best interests of a majority that is of considerably lower socioeconomic status.Learn More
The labor force participation rate is calculated by adding the number of the noninstitutionalized and nonactive military duty population between the ages of 16 and 64 who are employed or who are looking for work. The United States Department of Labor's Bureau of Labor Statistics (BLS) bases the labor force participation rate on Census Bureau population projections.Full Answer >
The four types of economic resources are labor, land, capital and entrepreneurship. These resources are also called the factors of production.Full Answer >
A diversified economy is an economy that has a number of different revenue streams and provides nations with the ability for sustainable growth because there is not a reliance on one particular type of revenue. This diversification provides nations with the security and reliability that they need so that if one economic revenue stream should fail, the nation knows that they have several other options for revenue.Full Answer >
GDP stands for gross domestic product, which is the market value of finished goods and services manufactured in a country within a set time frame, typically one year. This includes consumer spending, government spending, industry investments and a country’s exports minus its imports.Full Answer >