Economic status of an individual or their family depends on the wealth (including money, assets, property) that they have. The higher the wealth the higher would be their economic status. They usually have more access to resources and more power.

Example:
In this example, Family A has a higher economic status than Family B because they have a higher income, own a house and a car, and have access to better resources and opportunities. Family B, on the other hand, has a lower economic status because they struggle to meet their basic needs and have limited access to resources and opportunities.