Question

The goods that people buy and use conveys their socio-economic status. _____________ is the term coined to refer to this relationship by Max Weber.

Answer 1

Answer:

Capitalism is the term coined to refer to this relationship.

Answer 2

Status Symbol is the term coined to refer to this relationship by ‘Max Weber’.

Explanation:

• The term of the status symbol was used by ‘Max Weber’ who was a well-known Sociologist.  

• According to him the goods that people buy and use conveys their socio-economic status. It gives a picture of the consumption trends in society.  

• The consumption trend is dependent on the earnings and economic status of the person in society.  

• It depends on the brands and models of automobiles that are owned by the people which gives an idea on their economic status.