KNES 293 Study Guide - Quiz Guide: Invisible Hand, Commodification, Wage Labour

• School: University of Maryland
• Department: Kinesiology
• Course: KNES 293
• Professor: Michael Friedman

Document Summary

Dynamic economic system in which the means of production are privately owned. The owners seek profits and suitable return on invested capital from the production of goods and services. The owners offer people wages in exchange for their labor to produce goods and services. The products of the mean so production are called commodities: commodities- According to karl marx- an object outside of us, a thing by its properties that satisfies human wants of some sort of another. In addition, a commodity must be part of a market exchange. Dominant world market (form of economy) today. Means of production: way that commodities are made, factories, tools, people. For the most part, the private owners of the means of productions seeks to generate a financial return (profit) on their invested capital that has been turned into commodities. Capital"s commodifies are sold on the market, commonly known as the free market.