Economic status refers to an individual's or group's financial position in society. It is often determined by factors such as income, education, and occupation. People with a higher economic status typically have better access to resources, such as quality healthcare and education, which can lead to improved living conditions and opportunities. On the other hand, those with a lower economic status may face challenges like limited job prospects and inadequate access to essential services. This disparity can create a cycle of poverty, affecting not just individuals but entire communities. Understanding economic status helps us address issues like inequality and social mobility in society.