Which sociological term describes the hierarchical arrangement of large social groups based on their control of basic resources?

Social stratification

Explanation:

The division of people which takes place according to their socioeconomic factors such as wealth, social status and power is known as social stratification. This causes the formation of a hierarchy of groups in a society.

People are divided into three groups or classes:

Upper class

Middle class

Lower class

Hence, the question here refers to social stratification.