how is demography, psychology and sociology related to economics?

Answer 1

Sales and Marketing

Answer 2

Demography defines a market--age, spendable income, etc. Psychology can mean factors that motivate people to buy or not to buy and the ability to appeal to those factors. Sociology is closely tied to demographics; people of various economic or social or ethnic or national backgrounds have different patterns of economic behavior. All these factors relate to how a product will do. It can be fairly simple--one would not advertise a retirement home over a radio station whose audience was primarily 12 to 18 year olds (demographic consideration), one would present ones product in as favorable a psychological setting as possible (this product will attract, not repel, attractive members of the opposite sex), and one would be wise to know what factors appeal to Hispanic buyers if one wanted to reach out to that market. I guess these factors all relate mainly to marketing, I did some interesting beer research on this topic, it was fun and interesting.

Answer 3

The size and rate of population growth has a direct bearing on the economic development of the country . Human resources , along with natural resources are twin principal assests of a country and the productive potential of a country is affected from its educational, health and sanitational status .Investment in these areas does not give direct return to the state but is essential to make the population healthy, educated and competent and raises the productive potential of the country . therefore we cannot seperate the study of population , pshychology and social factor from economics.