A __________ is a socially defined position in a group or society characterized by certain expectations, rights, and duties, and it exists independently of the specific people occupying the position.
The correct answer to the following question will be "Status".
Explanation:
Status is an Economic value indicator.
Most explicitly, it corresponds to the general degree of respect, dignity, expected integrity, and subservience given in a community to individuals associations, and organizations.
Some of the scholars have listed a socially respected position or classification that an individual holds as a "class".
