MANAGEMENT

Detailed explanation-1: -A way of describing people based on their education, income, and type of job. Socioeconomic status is usually described as low, medium, and high. People with a lower socioeconomic status usually have less access to financial, educational, social, and health resources than those with a higher socioeconomic status.

Detailed explanation-2: -Socioeconomic status is typically broken into three levels (high, middle, and low) to describe the three places a family or an individual may fall into. When placing a family or individual into one of these categories, any or all of the three variables (income, education, and occupation) can be assessed.

Detailed explanation-3: -Socio-economic factors include occupation, education, income, wealth and where someone lives.

Detailed explanation-4: -Broadly, the APA describes SES as the social standing or class of an individual or group, often measured as a combination of education, income, and occupation (APA, 2007).