The issues of wealth and poverty are universal when looking closely at how the society functions and which goals are the most significant for individuals in everyday life.It is a question of a broad discussion which has to epitomize the main points concerning the very nature of wealth and poverty and its causes in a societal construct of living. One of the first coming standpoints is that a man is a biosocial creature. In this respect all amenities of the society are peculiar to all human beings, as long as living in a material world presupposes the urge for having different things at one’s disposal. Thus, based on the theoretical paradigms of functionalism, conflict, and symbolic interactionism, individuals are divided into different strata allowing them to be associated either with wealth or with poverty. First of all, functionalism as a theoretical paradigm in sociology discovers the features of wealth and poverty. According to the functionalism, all six institutions of the society tend toward social equilibrium, and individuals are likely to be forced to follow the prescriptions and norms of social life (Andersen & Taylor, 2007). Each individual is likely or unlikely, lucky or unlucky, to gain as much as he/she can. In turn, different stratums serve to point out the mere extent of their power and right to have the particular amount of material amenities in hand. According to the conflict theory, there perpetual forces within the society aimed at competition for the possession of different
resources (Andersen & Taylor, 2007).