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As the time to respond to a change in market conditions increases, the odds of demand being elastic:
American and French Revolutions
Two significant revolutions in the late 18th century that led to the overthrow of their respective governments and establishment of new political systems.
Industrial Revolution
The period of significant industrial, technological, and social change in the late 18th and early 19th centuries, leading to the widespread use of machinery and the establishment of factory systems.
Modern Life
Refers to lifestyles and societies characterised by contemporary norms, technologies, and social structures, often contrasting with traditional ways of life.
Symbolic Interactionism
A sociological perspective focusing on the meanings that people impose on objects, events, and behaviors, and how these meanings develop through social interaction.
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