Final answer:
Social stratification refers to the division of society into different rankings based on wealth, power, and other factors.
Step-by-step explanation:
Variation in access by individuals and groups to material resources, wealth, power, and prestige within the society is termed social stratification. This concept refers to a socioeconomic system that divides members of a society into rankings from high to low based on factors like wealth, income, education, and power. Social stratification characterizes not just individual societies but can also be applied on a global scale, identifying inequalities both between nations and within them.