SOCB42H3 Study Guide - Midterm Guide: Conformity, Bourgeoisie, Mercantilism
Document Summary
Problems: concealing high profits: don"t tell people already in the business, trade secrets: finding something or making something cheaper than anyone else, scarcity: impedes the law of supply and demand, monopolies: two companies working together to set prices, certification regulations: impedes the law of supply and demand, limits the pool of people who can do the job as certain requirements are needed in order to attain the job, prevent the law of supply and demand to work freely. What is the second cause of wealth: get rich and save money, capital is excess that we don"t need to meet our needs, not all labour is productive, productive labor: adds value, allows you to trade something for more than you could have without the added value, unproductive: dos not add value and does not endure after the labour is complete (pg423)
