Final answer:
The idea that your probability of economic success is largely dependent on your background is conceptualized by the notion of economic inequality.
Step-by-step explanation:
The idea that your probability of economic success is largely dependent on your background is conceptualized by the notion of economic inequality. This refers to the unequal distribution of wealth and resources among different individuals and groups in society. In the context of your question, individuals who come from a privileged background, with access to high-quality education, parental support, and connections, have a higher chance of economic success compared to those who lack these advantages. For example, a student who attends a well-run school receives financial support for college, and has work connections through their parents is more likely to secure internships and job opportunities that lead to economic success.