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Socioeconomic factors mean the specific circumstances which inhibit an individual's abilities or opportunities based upon their financial viability and social standing. When people have fewer opportunities due to social problems, this is due to lack of education, which can often mean that a child is not encouraged to attend school to learn, or their parents have health or addiction problems resulting in a lack of inspiration or motivation to widen opportunities. As socioeconomic factors increase (limiting access to opportunities) so illiteracy rates rise.
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At the beginning of the story, Greg is upset with his father because he won't let him play basketball because of his grades. By the end of the story, Greg attitude has changed and he isn't upset any more. The story says that Greg thought of the lecture he knew his father would give him, and smiled.
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It doesn't necessarily affect your GPA, but it could affect classes or college applications that do require a language, if failed.
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