Final answer:
Socioeconomic status (SES) ranks an individual's position within the class hierarchy based on wealth, income, education, and occupation. Social stratification categorizes individuals into a socioeconomic hierarchy, where open class systems like in the U.S. offer potential for vertical mobility. SES is pivotal for understanding societal structure and class mobility.
Step-by-step explanation:
An overall ranking of a person's position in the class hierarchy based on income, education, and occupation is commonly referred to as socioeconomic status (SES). SES is a multidimensional measure that reflects an individual's access to resources and opportunities in society. It encompasses aspects such as wealth, income, education, and occupation, each of which influences a person's social standing and potential for success in life. Occupations come with varying levels of prestige and authority, significantly impacting one's SES. This concept is central to understanding the structure of societal classes and the mobility within a class system.
Social stratification further extends this concept by indicating how society categorizes individuals into rankings from high to low socioeconomic tiers. In more open class systems, such as the one typically seen in the United States, there is potential for vertical mobility, meaning individuals can move to different levels of SES through factors like education and employment opportunities. However, despite the openness of class systems, factors such as family background and structural opportunities also play significant roles in determining one's ultimate social class.