Sociologist Max Weber utilized the term in describing the extent to which persons within a particular layer of stratification have access to important scarce resources, such as education, income, or promotion on the job.

The correct answer is life chances

Max Weber, born on April 21, 1864 and died on June 14, 1920, was one of the precursors of economic sociology.

His studies fell on theoretical and methodological questions about the origin of Western civilization and its place in universal history.

Weber believed that the function of the sociologist would be to understand the meaning of so-called social actions and to explain their causal logic.

Thus, his contributions were towards the multicausal analysis of social phenomena.

In his studies, Weber highlights cultural and material factors in the rise of modern institutions. It also analyzes the consequent process of rationalization and disenchantment of the world that accompanies them.

Weber sought to understand society in a more abstract way and integrated with historical, cultural and social conditions.

answer; the federal reserve system;