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Final

SOCB42 – Final Exam Study Notes.docx
SOCB42 – Final Exam Study Notes.docx
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School
University of Toronto Scarborough
Department
Sociology
Course
SOCB42H3
Professor
Dan Silver
Semester
Fall

Description
SOCB42FinalExamStudyNotes12172013AdamSmithWealthofNationsMercantilismHavingalotofmoneystoredtreasureExportingisgoodimportingisbadDivisionofLabourBreakingonebigtaskintomultiplesmalltasksSmithusestheexampleofmakingpinsModernexampleCarassemblylineLeadstomoreefficientandproductivelabourCreatesthestupidworkerSignificanceHumannatureandourwantsneedstobarterandtradeandproducewealthincommercialsocietyNaturalpropensitytobetteroutconditionsGeneratesimpersonalmarketsWhydoesitincreaseproductivityImprovesdexteritythemoreyoudoitthebetterTimesavingTechnologicalInnovationWorkersMachineMakersEngineersScientistsSmithrefersthemasphilosophersConsequencesSurplusvalueProducingalotmorethanwhatisneededIncreasedCommerceIncreasedconnectivityEquilibriumWhensupplyanddemandreachanequalpointofquantityandpriceExampleSmithstatesasthecommoditiesexchangesaresupposedtobeequalvalueofthetwocapitalsemployedintradeSignificanceAppliestootherareastermsLabourBalanceoftradeComparisonofnaturalpricevsmarketpriceSmithwantsequilibriumvsmercantilesystemLawofSupplyandLawofDemandAboutthedifferentpricesandthewayonhowtheybehavedifferentlyLawofDemandInverserelationshipbetweenthepriceofthegoodandtheamountofitthatbuyersarewillingtopurchaseThehigherthepricethelessofitpeoplewillbuythelowerthepricethemoreofitpeoplewillbuyLawofSupplyThedirectrelationshipbetweenthepriceofthegoodandtheamountofitthatwillbeofferedforsaleThehigherthepricethemorewillingpeoplearetosellthingsFeudalismFallofRome
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