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I hope I am right with this, but a social impact is something that is changed which affects your community or people. I.e. in my country when the laws of Apartheid was abolished it affected people socially i.e. black, coloured and indian people had more rights and it gave them more opportunities.
And economic impact: Would for example be over here a few years ago they increased the importation costs on Chinese imports, which affects the economy by increasing the prices for clothing by eliminating competition and eliminating certain businesses, because they couldn't afford to buy clothes anymore to sell.
thanks!xxx