CONCEPT OF SOCIAL AND ECONOMIC

DEVELOPMENT

In the socio-economic context, development means the

improvement of people's lifestyles through improved education,
incomes, skills development and employment. It is the process
of economic and social transformation based on cultural and
environmental factors
Economists generally agree that economic development and
growth are influenced by four factors: human resources,
physical capital, natural resources and technology. Highly
developed countries have governments that focus on these areas.
Social and economic factors include factors such as income,
education, employment, community safety and social support.
The choices that are available in a community are impacted by
social and economic factors. These choices include our abilities
to afford medical care and housing and to manage stress.
AN EXAMPLE OF SOCIO-ECONOMIC DEVELOPMENT
Unemployment and low income are one of the best examples to
understand socio-economic development. If the unemployment
rate is high, people have to work for industries that are lower
than their ability on a way lesser pay scale. This suppresses the
overall socio-economic development. However, if an economy
is flourishing, there will be more job opportunities and the
income will also be high, thereby, improving the society and
economy as a whole.