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Socioeconomic status. 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 ...
Sociology. Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how modern societies progress, stagnate, or regress because of their local or regional economy, or the global economy .
Social stratification refers to a society's categorization of its people into groups based on socioeconomic factors like wealth, income, race, education, ethnicity, gender, occupation, social status, or derived power (social and political). It is a hierarchy within groups that ascribe them to different levels of privileges. [ 1]
Social class. A social class or social stratum is a grouping of people into a set of hierarchical social categories, [ 1] the most common being the working class, middle class, and upper class. Membership of a social class can for example be dependent on education, wealth, occupation, income, and belonging to a particular subculture or social ...
Social status is the relative level of social value a person is considered to possess. [ 1][ 2] Such social value includes respect, honor, assumed competence, and deference. [ 3] On one hand, social scientists view status as a "reward" for group members who treat others well and take initiative. [ 4] This is one explanation for its apparent ...
Social inequality is linked to economic inequality, usually described on the basis of the unequal distribution of income or wealth. Although the disciplines of economics and sociology generally use different theoretical approaches to examine and explain economic inequality, both fields are actively involved in researching this inequality.
The three-component theory of stratification, more widely known as Weberian stratification or the three class system, was developed by German sociologist Max Weber with class, status and party as distinct ideal types. Weber developed a multidimensional approach to social stratification that reflects the interplay among wealth, prestige and ...
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 ...