Stratification affects our everyday lives.Stratification refers to the hierarchical arrangement of people in a society. Sociology has a long history of studying stratification and teaching about various kinds of inequality. Inequality means people have unequal access to scarce and valued resources in society.

Socioeconomic Status

* Power refers to someone’s ability to get others to do his/her will, regardless of whether or not        they want to.

* Property, as used in this context, refers to the sum total of one’s possessions as well as their      regular income. Property goes beyond income as a measure of social class as it reflects the        accumulated wealth in addition to one’s earning potential.

* Prestige refers to the reputation or esteem associated with one’s position in society. Prestige        used to be associated with one's family name, but for most people in developed countries,          prestige is now generally tied to one's occupation. Occupations like physicians or lawyers tend    to have more prestige associated with them than occupations like bartender or janitor.