What Variables Are Used to Determine an Individuals' Social Class

question 83

Essay

What variables are used to determine an individuals' social class?

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Definitions:

Economic Profit

The surplus or profit generated by a company after accounting for both explicit and implicit costs, indicating financial performance.

Maximum Earning

The highest possible income or profit that an entity or individual can achieve under given conditions.

Contestable Market

A market in which the costs of entry and exit are low, so a firm risks little by entering. Efficient production and zero economic profits should prevail in a contestable market.

Economic Profits

Profits earned by a firm after accounting for both its explicit and implicit costs, including opportunity costs.