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SOC 111 Lecture Notes - Pet Rock, Labour Power, Air Jordan

Course Code
SOC 111
Jean Golden

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SOC 111 – The Social World 1
November 10, 2011
Mode of Production – Capitalism
-How we produce and exchange the necessities of life
- How we reproduce the species
- Market economy
- things are produced for exchange in the market place
-not for personal use (natural vs. exchange economy)
Emergence of Commodity Production
Commodity: product manufactured for sale in themarket
2 Characteristics of a Commodity:
1. Use value: meets a need
- Some are fads
i.e., pet rock
2. Exchange value: price/$
How is Exchange Value Determined?
1. The amount of labour time required to produce a commodity
2. Under normal conditions of production in a given society
3. With the average degree of skill
4. The intensity of labour
Labour Power as a Commodity
Labour power:
- Our mental and physical capacity to work
- Workers legally free to sell labour power in marketplace
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