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Explain in your own words as to why economic inequalities exist in societies? Which theorist’s model fits your viewpoint the best and why? Please elaborate on your analysis by giving examples.Define the 3 Standards of Equality clearly (excluding Ontological Equality). Give examples for each one and explain them well.Explain the different Forms of Stratification mentioned in the text. Using examples, discuss which form of stratification exists in the US?Describe how important your social class has been in determining the outcomes and your life chances. (Provide two or three examples). Then describe if and how multiple statuses such as your race, gender, geographic location you were born, etc. intersected in shaping the outcomes?Explain horizontal social mobility, vertical social mobility, and structural mobility. Use 2-3 examples for each type of social mobility while defining the concepts.