Question

How does the social status of an individual his/her economic status

Answer 1

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answer:

Social status is the relative respect, 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 consider to hold more 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, people use status hierarchies to decide who gets to "call the shots," who is worthy, and who deserves access to valuable resources