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SOCB42; sept27.docx

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University of Toronto Scarborough
Dan Silver

Commercial society; main bulk of most things that most people have are gotten through trading. Exchange Money (What are the conditions of exchange) Tool that allows things to get exchanged effectively Limits of barter Money is any commodity that anyone will accept Abstract quality a) Lasts b) Divisible Resorted to metals; weigh the same, different units, lasts long Use value vs. exchange value (p41) Use value; how much you enjoy using it Exchange value; value you get for exchanging it for something else More and more things are being able to be traded Possible to make more money from trading something than from using it Markets (what are the rules of exchange) Natural price; however much it costs to bring some products to the market From 0 to something you can sell to someone else Includes wages, rent, profit Real price; amount of labour time in completeness* (marx) Market price; however much you actually sell something for Market price and natural price correlate with one another Change what youre doing Ramp up money, etc Effective demand; whether or not their wants are effect (able to purchase it) Law of supply; direct relationship between price of the good and the amount of it that is offered for sale If price is high, supplier is more willing to sell more of that product Law of demand; inverse relationship between price of the good and the amount of it buyers are willing to purchase If price is high, no one wants to buy it If price is low, everyone wants to buy it Relationship of prices and behavior Signal sent out by price; changes peoples behaviors Different coordination occurs Liberty of motion; people have to be able to go to different places and go into the industry that is more profitable Freedom to change jobs; pig business to turkey business Good information; checking the news What restricts those ^conditions? 1. Concealing profits Making profit but saying theyre not Gives you bad information 2. Trade secrets Some ways to bioengineer turkey; little effort, large amounts Keep the prices down Sort of a patent 3. Scarcity Not much land; keep prices high 4. Monopoly Government says there are only 2 companies that are allowed 5. Certificates Government licenses Restricts people to have companies Why is there social inequality? Why is there social conflict? Distribution of wealth Original state No rent, no wages, no profits No such things as property Had nothing more than they consumed Everything you produced is yours *if youre in the o
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