Economic status is the measured wealth of a person. It is either based on

A) the “government” way – a chart comparing the number of persons in a household with the dollar amount they make in a mathematical ratio, or

B) the “society” way – whether you wear nice clothes or Goodwill rags, eat roast chicken dinners or ramen noodles, have a fancy car or a humble jeep, etc.

Unfortunately the government is not always on target. A family of four who makes fifty thousand dollars a year might still struggle with bills or a family of three who makes twenty thousand might be doing fine. Society is even worse because different people have different opinions and lifestyles.

I believe it should go this way:

Rich = able to pay bills and have excess money left over to spend on fun things

Middle = making ends meet comfortably

Lower Middle = struggling to make ends meet

Poor = not able to make ends meet

A planned economy is an economic system in which a single agency makes all decisions about the production and allocation of goods and services. The term is used most often to refer to a centrally-planned economy (or command economy), in which the state or government controls the factors of production and makes all decisions about their use and about the distribution of income.[1] In a centrally-planned economy, the planners decide what should be produced and direct enterprises to produce those goods.[2] A planned economy is usually contrasted with a market economy, where production, distribution, and pricing decisions are made by the private owners of the factors of production and influenced by market forces. A planned economy may either consist of state owned enterprises, private enterprises who are directed by the state, or a combination of both. Though planned economies are usually defined in contrast to market economies, it is not necessary for an economy to be either market-based or centrally-planned; other systems also exist.

automobiles are social symbols. Expensive automobiles like aston martins are 150k on account that thy are for the very rich. and in the event you force an aston, you’re absolutely very rich. and similar to a fairly high-quality swimsuit (which i like on any one) or a high-quality haircut could make humans seem at you another way, a high-quality automobile can too. If you force a have compatibility, it makes you appear center elegance, or a minimum of it makes you appear like you’re eco-pleasant. however a beamer says that you’ve cash. and if in case you have cash, as displayed by means of your kick-*** trip, then you definately commonly are beneficiant, and humans wish to improvement from that generosity. a center elegance automobile signifies that you commonly don’t seem to be so beneficiant, so that they deal with you prefer all people else. and we make assumptions on account that we make stereotypes. such a lot humans might say that stereotypes are unhealthy, however they’re vital for human touch- think what it might be love to by no means be capable to jusge any individual by means of their look. If a screaming guy with a knife in raveled cloths charged you, you would not feel him a high-quality trade guy simply off a satisfactory assembly, however commonly a homicidal maniac. You might then run like hell, or battle again. similar to this, a high-quality automobile is a stereotype of your generosity, and a Honda Fit is a logo of being simply constant.

http://www.ssa.gov/policy/research_sub32.html