I agree with what you’re saying, ultimately I dislike the label. I don’t see where the “economic” part of “socio-economic label” comes in. Race as a social label makes perfect sense to me, because race is used in social contexts mostly as a way to discuss individuals in our daily life. “That [race] man” is expected vernacular, as our social groups tend to be made up of those that are like us, and “race” is a typical exclusion from that. However, it as an “economic” label is far too cultural to for me to accept as a general statement. In certain cultures, say 18th century USA, races such as “Irish” or “African” were seen generally as low-rung groups. However, that’s different nowadays, and was different across cultural borders, so while I would posit everyone understands the social aspects of race, the economic predispositions aren’t something we should be focusing on, as ultimately they are just another social aspect and thus redundant.