What is a 'status symbol'?
The term status symbol was coined by Max Weber to describe the relationship between the goods people buy and use and their status in society. It highlights how consumption carries symbolic meaning beyond economic utility.
In modern societies, buying and displaying certain goods conveys a message about a person's socio-economic status or cultural preferences. For instance, among the middle class in India today, the brand of a cell phone or the model of a car one owns serves as an important marker of status.
Explanation
The answer is derived from the first and second chunks of the provided context. The first chunk defines the term 'status symbol' attributing it to Max Weber and linking goods to social status. The second chunk elaborates on the symbolic meaning of consumption, explaining how goods communicate socio-economic status. The example of cell phones and cars is explicitly mentioned in the text as markers for the Indian middle class.