What is a ranking of people or groups according to their unequal access to scarce resources?

Social stratification is the division of society into categories, ranks, or classes. These divisions lead to social inequality—the unequal sharing of resources and social rewards. Stratification systems lie on a continuum of open to closed systems according to how easy or difficult it is to change statuses.

Wealth refers to all the economic resources possessed by an individual or group. In brief, your income is your paycheck, and your wealth is what you own.

Most sociologists define social class as a grouping based on similar social factors like wealth, income, education, and occupation. These factors affect how much power and prestige a person has.

It is commonly held that Weber identified three dimensions of stratification: class, status, and party.