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Dan Silver (131)

Lecture 3

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Dan Silver

SOCB42 LECTURE 3 SEPTEMBER 26 2011 Propensity to TradeMarketsSOLSkilled labourNATIONAL WEALTHCOMMERCIAL SOCIETY Propensity to Better ConditionSavingCapital AccumulationHigher proportion of productive workers NATIONAL WEALTHCOMMERCIAL SOCIETY COMMERCIAL SOCIETY MONEY Why does money exist 1 Limits of barter o Bartering is very restrictedEach party must have something the other wants 2 Money is whatever everybody wants could be anything eg salt cows etc What good substitution to serve as money 3 a lasts nonperishable b divisible 4 use value vs exchange o use value whatever you do with it for personal use o exchange value use to get something else trade MARKETS Natural price however much it costs to bring something to the market to sell wages rents normal profit Market price however much you actually sell something for Law of Supply Law of DemandLaw of demand there is an inverse relationship bw the price of a good and amount of buyers willing to purchase the higher the price the less willing one is to purchase Law of supply there is a direct relationship bw the price of a good and the amount of it offered for sale the higher the price the more willing a seller is to sell that thing Effectual demand you want something and you have the money to pay for it If demand exceeds supply the market price risesIf supply exceeds demand the market price falls Successful market characteristics
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