How Did Marx Explain Historical Change? How Did He Apply

question 9

Essay

How did Marx explain historical change? How did he apply his theory of historical change to the times in which he lived?

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Definitions:

Income Elasticity

A measure of how much the quantity demanded of a good responds to a change in consumers' incomes.

Monthly Income

The total amount of income or earnings received by an individual or household in one month, including wages, salaries, benefits, and other sources.

Food

Nutritious substances that people or animals eat or drink to maintain life and growth.

Relatively Elastic

Describes a situation where a small change in price leads to a larger change in quantity demanded or supplied.