What does Genesis 47:6 mean?

'Why should we die right in front of you? Take us and our land in exchange for food. We’ll be Pharaoh’s servants, and our land will be his. Just give us seed so we can live and not see the land turn into a wasteland.' Genesis 47:6 - Modern Text Bible

(They offered themselves and their land to Pharaoh, hoping for a way to survive and keep the land productive. Their desperation led them to give up their freedom and property.)