ANTB20H3 Lecture Notes - Lecture 5: The Affluent Society

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24 Apr 2013
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Economic activity can be subdivided into three distinct phases: production, transforming nature s raw materials into products useful to human beings. Acquiring resources and transforming them into objects and things that us people can use. Foraging (harvesting certain tools), horticulture, agriculture: distribution, getting products to people. How something is created and brought to the consumer: consumption, using up the products - for example, by eating food or wearing clothing. An affluent society is a society in which a society can meet their needs and satisfy their wants, In this description there is a relation of production and the means of production. You and an employee, the relationship with your co-workers is just workers, you do not own the means of production. You and the owners, is based on ownership. The means of production is a combination of skills, knowledge and tools needed to produce , ex. Land is a large aspect of production, and the means of production.

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