Definition of Social Stratification. Social stratification refers to a system by which a society ranks categories of people in a hierarchy.In the United States, it is perfectly clear that some groups have greater status, power, and wealth than other groups. These differences are what lead to social stratification.ocial stratification refers to a system by which a society ranks categories of people in a hierarchy. Theoretically, we can analyze social stratification from three major perspectives.
For another use, see Economic, social and cultural rights. Economic freedom or economic liberty is the ability of members of a society to undertake economic actions. This is a term used in economic and policy debates as well as in the philosophy of economics. One approach to economic freedom comes from classical liberal and libertarian traditions emphasizing free markets, free trade, and private property under free enterprise.
Free enterprise, or the free market, refers to the summary or conglomeration of all voluntary business activities in a given economic area. Alternatively, free enterprise could refer to an ideological or legal system of organization, in which commercial activities are primarily regulated through private measures rather than by political means.