Why Is Karl Marx Considered an Important Theorist in the Study

question 6

Multiple Choice

Why is Karl Marx considered an important theorist in the study of class?

• A) Marx developed the concept of the bourgeoisie.
• B) Marx was the first thinker to consider the role of the economy in society.
• C) Marx built on the work of Max Weber.
• D) Marx focused on capitalism as it pertained to workers and inequality.

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Definitions:

Favourable Variances

Financial indicators that actual revenues are higher or costs are lower than what was originally planned or budgeted.

Standard Costs

Predetermined costs for manufacturing a product or providing a service, used as benchmarks for measuring performance.

Product Costing

The process of determining the total cost involved in the production of a product, including material, labor, and overhead expenses.

Actual Costs

The actual costs are the genuine expenditures incurred by a business during production, operation, or other activities, as opposed to estimated or budgeted costs.