How do economic factors influence individuals' life chances in the context of social mobility?

Economic factors play a significant role in shaping an individual's life chances, particularly when it comes to social mobility, which is the ability to move up or down the social ladder. For example, a person born into a wealthy family often has access to better education, healthcare, and job opportunities, which can lead to higher income and social status. In contrast, someone from a low-income background may face challenges like poor schooling and limited access to resources, making it harder for them to improve their situation. This difference in economic conditions creates barriers that can keep individuals in the same social class, affecting their opportunities for advancement. Ultimately, economic factors not only impact immediate needs but also influence long-term prospects for success and stability in life.