Economic status refers to an individual's or group's financial position within society. It is often determined by factors such as income, employment, education, and wealth. People with higher economic status typically have better access to resources, opportunities, and services, which can lead to improved quality of life. Economic status can also influence social mobility, which is the ability to move up or down the economic ladder. Factors like education, job opportunities, and government policies play a significant role in shaping economic status. Understanding economic status helps identify disparities and develop strategies for promoting equality and support for those in need.