Notes

START=Social economics relies heavily on theories of sociology to explain how members of different socioeconomic classes may adopt different priorities when making financial decisions for them and their families. Socioeconomic classes refer to groups of people with a similar social standing in society, which is heavily influenced by factors such as education, income, profession, and family background – such as the education and income level of parents and other relatives.

With our society becoming increasingly diverse and globalized, factors such as ethnicity and heritage also play a significant role in affecting socioeconomic classes since members of visible minorities and other disadvantaged groups historically faced barriers to education and certain professions in comparison to their Caucasian counterparts.

Going back to more foundational factors, some socioeconomic classes also face barriers to purchasing some goods or services, as they are unable to afford them as a result of lower income. The goods or services may include advanced medical care, healthy and nutritious food, or finding a safe and comfortable living environment.





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