Question

How does the social status affect a person's economic status?

Answer 1

Social status is the level of respect, honor, assumed competence, and deference accorded to people, groups, and organizations in a society.[1][2] Some writers have also referred to a socially valued role or category a person occupies as a "status" (e.g., being a criminal or mentally ill). At its core, status is about who members of a society believe hold comparatively more or less social value.[3]These beliefs about who is more or less valued (e.g., honorable, respectable, smart) are broadly shared among members of a society. As such, groups use status hierarchies to decide who gets to "call the shots," who is worthy, and who deserves access to valuable resources. In so doing, these shared cultural beliefs make unequal distributions of resources and power appear natural and fair, supporting systems of social stratification.[4] Status hierarchies appear to be universal across human societies, affording valued benefits to those who occupy the higher rungs, such as better health, social approval, resources, influence, and freedom