Question

What is the difference between socioeconomic class and socioeconomic status?

Answer 1

Socioeconomic status considers the following - money, social status, power, prestige etc. It is not officially recognized by government, nor it is hereditary and can be achieved or lost in one's lifetime.

Social class on the other hand, is recognized by the government and can be hereditary. Upper , middle and lower class are its major classification. It is an economic term and is majorly about categorization whereas status is about self approval and what you want yourself to be perceived as.