Final answer:
Social stratification is the system by which societies rank individuals into socioeconomic tiers, creating a structured hierarchy based on wealth, income, and other factors.
Step-by-step explanation:
The process of ranking people into social layers or classes is referred to as social stratification. This sociological concept describes how societies categorize their members into rankings of socioeconomic tiers, considering factors like wealth, income, education, family background, and power. Social stratification demonstrates how resources and opportunities are distributed unequally within a society, leading to different social standings and classes.