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Cost curves shift if i. technology changes.
Ii. the prices of factors of production change.
Iii. productivity changes.
U.S. Middle Class
A socioeconomic group in the United States characterized by moderate levels of income, educational attainment, and occupational status, often considered the backbone of American society.
Max Weber
A German sociologist, considered one of the founders of sociology, known for his work on rationalization, secularization, and the structure of authority.
Life Chances
The opportunities or probabilities of individuals in society to access valuable resources, achieve wellbeing, and attain social mobility based on their socioeconomic status.
Class System
A form of social stratification where people are grouped into a set of hierarchical social categories, the most common being the upper, middle, and lower classes.
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