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Economics often analyses systems of equations and inequalities, such as supply and demand hypothesized to be in equilibrium. Consequently, the field of econometrics has developed methods for identification and estimation of simultaneous equations models. These methods are analogous to methods used in other areas of science, such as the field of ...
Life chances. Life chances (Lebenschancen in German) is a theory in sociology which refers to the opportunities each individual has to improve their quality of life. The concept was introduced by German sociologist Max Weber in the 1920s. [1] It is a probabilistic concept, describing how likely it is, given certain factors, that an individual's ...
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one, known as "new economic sociology". The classical period was concerned particularly with modernity and its constituent aspects, including rationalisation, secularisation ...
Socioeconomic status (SES) is an economic and sociological combined total measure of a person's work experience and of an individual's or family's access to economic resources and social position in relation to others. [1][2] When analyzing a family's SES, the household income and the education and occupations of its members are examined ...
In statistics and research design, an index is a composite statistic – a measure of changes in a representative group of individual data points, or in other words, a compound measure that aggregates multiple indicators. [1][2] Indices – also known as indexes and composite indicators – summarize and rank specific observations. [2]
Social statistics. Social statistics is the use of statistical measurement systems to study human behavior in a social environment. This can be accomplished through polling a group of people, evaluating a subset of data obtained about a group of people, or by observation and statistical analysis of a set of data that relates to people and their ...
Sociologists use the concept of occupational prestige (also known as job prestige) to measure the relative social-class positions people may achieve by practicing a given occupation. Occupational prestige results from the consensual rating of a job - based on the belief of that job's worthiness. The term prestige itself refers to the admiration ...
In welfare economics and social choice theory, a social welfare function—also called a social ordering, ranking, utility, or choice function—is a function that ranks a set of social states by their desirability.