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Social Economics is a branch of economics and social sciences that puts focus on studying and analyzing the relationship between social behavior and economics.
It attempts to explain how a particular social group or social class behaves within a society and this includes their actions as consumers.
The theories of social economics consider factors that are often outside of mainstream economics, this includes the effect of the environment and ecology on the consumption of wealth.
Different socioeconomic classes have different priorities regarding how they direct their funds. A socioeconomic class are grouped together with similar characteristics like:
Due to the differences in such charateristics, certain goods and services are unavailable to specific classes becuase they may not be able to afford them.
An individual's socioeconomic status can significantly impact their educational attainment and financial security.
Studies show that those who come from a lower socioeconomic status were related to having poor cognitive development, language, memory, and socioemotional processing, and consequently poor income and health in adulthood.
The negative impacts are significant to the point that it affects children long-term.
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