Socioeconomics (also known as social economics) is the study of how economic activity affects and is shaped by social processes. It analyzes the relationships between individuals, businesses, governments, and societies. Socioeconomics encompasses a variety of approaches including:
* microeconomic analysis of individual behavior;
* macroeconomic analysis of national economies;
* econometrics and mathematical economics for analyzing statistical data;
* institutional analysis of economic organizations such as firms, households, or countries;
* history and comparative studies for understanding how economies have developed over time.
In general, socioeconomics focuses on three broad areas:
* how economic activity is organized within societies;
* how different societies organize their economic activity differently; and
* how various social factors influence or are influenced by economic activity.