The statement that best explains how the Black Death contributed to the growth of a merchant class in Europe is:
The decline in population led to an increase in demand for luxury goods, fueling trade.
Here’s a breakdown of the factors involved:
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Population Decline: The Black Death reduced Europe’s population significantly, leading to labor shortages.
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Increased Wages: With fewer workers available, laborers could demand higher wages, increasing their purchasing power.
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Demand for Goods: As the population began to recover, there was a surge in demand for goods, including luxury items. The wealthy elite sought to display their status through the purchase of these goods.
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Expansion of Trade Networks: To meet the growing demand for diverse goods, trade routes expanded, and merchants found new opportunities to sell a wider range of products.
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Rise of Market Economies: The increased demand for trade goods contributed to the development of market economies and encouraged the growth of a merchant class that specialized in the procurement and distribution of goods.
The other options, such as the creation of new guilds for workers or the collapse of the banking system, do not accurately reflect the broader economic shifts following the Black Death in relation to the rise of the merchant class.