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Discuss the Primary Components of Marxism and the Process of Revolution

question 27

Essay

Discuss the primary components of Marxism and the process of revolution according to Karl Marx.What are the three classes in society? How does alienation relate to Marxism and revolution?


Definitions:

Price Ceiling

a legally established maximum price for goods or services, aimed at keeping prices from rising to high levels.

Equilibrium

A condition in markets where supply equals demand, and there is no external pressure for change.

Shortage

The insufficiency of a good or service that occurs when the quantity demanded exceeds the quantity supplied; shortages occur when the price is below the equilibrium price.

Price Elasticity of Demand

The rate at which demand for a product responds to its price being altered.

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