[LABRST 1C03] - Final Exam Guide - Ultimate 23 pages long Study Guide!

• School: McMaster University
• Department: Labour Studies
• Course: LABRST 1C03
• Professor: Katherine Natovski

Document Summary

Voices of work, resistance and change: week two. Capitalism; type of economic system which is a way we organize production and distribution to society creates huge inequality between rich and the poor. Not natural it is human made; we design. Most people is performed by the people who don"t own the company; therefore not owning the items they produced. Surplus value = extra value that owners make from selling their product. Comes from directly selling product more than its production cost. Ex: made 50 chips at work, company sells each chip, only costs to make them ( pro t) Unequal value of distribution; leading to unequal wealth and society (leads to poverty, violence) == place high price to get more pro t (medicines be 378 so there is pro t) Mostly by privately-owned company (owned by individuals or owned on the stock market) Wanting to get the most pro t as possible;