Socioeconomic status primarily refers to:

• A. the rate at which prices increase over time
• B. the total value of goods and services produced in an economy
• C. an individual's position in society based on income, education, and occupation
• D. the level of government intervention in the market

Answer: (C)

Verified step by step guidance

1. Understand that socioeconomic status (SES) is a concept used in microeconomics and social sciences to classify individuals or groups based on their social and economic position.
2. Recognize that SES is typically determined by key factors such as income, education, and occupation, which together reflect an individual's access to resources and social standing.
3. Differentiate SES from other economic concepts: for example, the rate at which prices increase over time refers to inflation, and the total value of goods and services produced in an economy refers to GDP.
4. Note that government intervention in the market is a separate concept related to economic policy, not socioeconomic status.
5. Conclude that socioeconomic status primarily refers to an individual's position in society based on income, education, and occupation.