Examlex
The substitution effect for labor supply states that people work less as wages rise because their ability to purchase goods increases.
Caste System
A hierarchical social stratification system found in some societies, where individuals' status is determined by birth and remains fixed for their lifetime.
Class Systems
Hierarchical social categories based on factors like wealth, occupation, and education, influencing individuals' opportunities and social interactions.
Overlapping Systems
Intersecting social categorizations such as race, class, and gender, affecting an individual's or group's experience and opportunities.
Class Position
The rank or standing of an individual within the hierarchy of social class, often determined by factors like wealth, occupation, and education.
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