The term "socioeconomic" refers to the relationship between social factors and economic activities. It highlights how people's social status, education, and community factors influence their economic conditions and opportunities. Essentially, it examines how aspects of society, like income levels or education, can impact overall economic well-being and behavior.
The word "socioeconomic" is derived from a combination of "socio," which comes from "social" (pertaining to society), and "economic," which relates to the economy (the system of production, distribution, and consumption of goods and services). Its components reflect the interplay between societal factors and economic conditions.