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University of Toronto Scarborough
Dan Silver

Lecture 3: Market Processes Tuesday September 28th, 2010 MIDTERM: Sat Nov 6. 9 - 11 am BV340, BV355,BV363 Identification process-identify what author wrote it Definitions-key concepts, explain the concept Short essay questions Commercial society: a society in which the division of labour is highly developed Large amounts of capital have been accumulated This is really our society (look around) Every man thus lives by exchanging, or becomes in some measure a merchant, and the society itself grows to be what is properly a commercial society (pg. 33) In a commercial society we are all merchants making trades all the time *What are the conditions that make the constant trading and exchanging work? Money: facilitates trade and exchange What are the Rules: of trading and exchange Money and Markets: Why does money exist? It makes trading work betterfacilitates exchange Limits of bargain: not a very efficient way to do exchange The only way we can make trade is by barter Ex. I have a bunch of cows and you have pigs, and I want pigs but you dont want cows then there is no way we can make it work with an easy exchange If thats the situation were not going to get markets developing, it will only be exchange In terms of Barter- you always have to find people who want what you are willing to give Money: is anything everybody will accept in a trade An abstract quality that anybody will accept Historically different things have served as money salt, cigarettes, cows What qualities make money work well? Lasts: good for it to last Divisible: (can be divided) if we look from culture to culture (metal serves the function of money very well) paper money does this as well a very functional way to distribute money is with money *money is the basic principal that makes exchange possible in every society Use value & Exchange value: pg. 41 Use value: the value in use
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