As a sociological concept 'minority' means which of  the following?

Lack of both number and power

The correct answer is Option 3: Lack of both number and power.

In sociology, a minority group is defined as a group of people who are singled out from the others in the society in which they live for differential and unequal treatment, and who therefore regard themselves as objects of collective discrimination.

Therefore, the term "minority" in sociology refers not only to a group's numerical size but also to its lack of power and its experience of discrimination.

The notion of minority groups is widely used in sociology and is more than a merely numerical distinction – it usually involves some sense of relative disadvantage. Thus, privileged minorities such as extremely wealthy people are not usually referred to as minorities; if they are, the term is qualified in some way, as in the phrase ‘privileged minority’. When minority is used without qualification, it generally implies a relatively small but also disadvantaged group.