LABR 1F90 Midterm: LABR 1F90, Reading Notes, Week 1 to Week 12
1 Feb 2018
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Week 2 lecture reading (1 of 2) september 14, 2017. Economics for everyone: a short guide to the economics of capitalism. Humans have always had to work to meet material needs of survival. Economy can be a mix of capitalist and non-capitalist. Two key features: production for profit, private, profit-seeking companies undertake most production, wage labour, performed by people who do not own the company/product, hired by company. Trends and patterns of a capitalist economy: fierce competition, innovation, growth, inequality, cycles or rollercoasters of growth and depression, conflict of interest employers and employees. Page 33: people worked for themselves, some people worked for others but out of obligation or force, production to meet direct need or desire, not monetary profit. Def: market place where buyers and sellers meet to haggle over price and sale of good, service or. Capitalism has little market mechanisms instead relationships of command, control and asset usually with competition. planning.
