SOCB42H3 Lecture Notes - Factor Price, Effective Demand, Biological Engineering
Document Summary
Commercial society; main bulk of most things that most people have are gotten through trading. Tool that allows things to get exchanged effectively. Money is any commodity that anyone will accept. Resorted to metals; weigh the same, different units, lasts long. 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. From 0 to something you can sell to someone else. Natural price; however much it costs to bring some products to the market. 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. Effective demand; whether or not their wants are effect (able to purchase it)
