The three-component theory of stratification, more widely known as Weberian stratification or the three class system, was developed by German sociologistMax Weber with class, status and power as distinct ideal types. Weber developed a multidimensional approach to social stratification that reflects the interplay among wealth, prestige and power.

Weber argued that power can take a variety of forms. A person's power can be shown in the social order through their status, in the economic order through their class, and in the political order through their party. Thus, class, status and party are each aspects of the distribution of power within a community.^[1]

Class, status and power have not only a great deal of effect within their individual areas but also a great deal of influence over the other areas.

• Wealth: includes property such as buildings, lands, farms, houses, factories and as well as other assets – Economic Situation
• Prestige: the respect with which a person or status position is regarded by others – Status Situation 
• Power: the ability of people or groups to achieve their goals despite opposition from others – Parties

According to Weber, there are two basic dimensions of power: the possession of power and the exercising of power.

(Source: Wikipedia)