Final answer:
A measure of social class based on income, education, occupation, and related variables is known as socio-economic status (SES). It is a part of a broader social stratification system that ranks individuals based on various socio-economic factors.
Step-by-step explanation:
A measure of social class that is based on income, education, occupation, and related variables is known as socio-economic status (SES). SES is a concept used by sociologists to describe the system of social standing. It refers to a society's categorization of its people into rankings of socio-economic tiers based on factors like wealth, income, race, education, family background, and power. This system is often referred to as social stratification, which indicates the relative positions individuals or groups hold within the society.
In contemporary research, such as the "Class Matters" series by The New York Times, social stratification is explored in terms of occupation, education, income, and wealth. Occupations carry different levels of prestige which in turn contribute to an individual's social standing. Moreover, a class system is characterized by social factors combined with individual achievement and is more fluid than class systems, allowing for vertical movement between different levels of education or employment.