themselves within the old forms of property; then follows a radical change in the social order, accompanied by shocks.” In addition, it is important to know how socialism as a system violates individual Liberty and rights. According to the article "Socialism vs. Freedom" by Scott Lazarowitz, he states "The Declaration of Independence recognizes the rights of the individual to one’s life and liberty. That…
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unlimited wants 2. Scarcity: the situation in which the unlimited wants exceed the limited resources available to satisfy these wants. 3. Resource: that is used to produce the goods and services a. natural resource (water, land, materials)---rent b. labor---wages c. capital (building, machine)---interest d. entrepreneurial ability---profits 4. Fallacy of composition: “what is true for individual is true for the group”, distinguishing micro and macro 5. Positive statement & normative statement a. Positive…
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incomes. But the workers are doing all the work! This looks unjust. @ Question: How do the capitalists get so much money? Why do the workers get so much less? III. Background Economic Concepts @ @ @ @ Three factors of production: Land, labor, capital. Capital: Property that is used to produce other property. Ex.: Factory, investment capital. Capitalists: People whose income derives from owning capital. Marxists oppose private ownership of capital. IV. The Theory of “Alienation”…
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his book. • Superstition vs. religion • You are born with the freedom to do what you want within a bond of reasoning – state of nature • We are also born equal • Every human being are in a natural state • Law of nature is higher than the law of man o Which means humans are equal • Justice: o Criminal-what laws do we have and change from time to time. What are the crimes and the punishments. o Distributive-how do we allocate the goodies of society. • “State of TX vs. smith” which means it…
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between the maximum price a consumer will pay verse the lower price actually paid. Producer Surplus 95 Difference between the minimum price a producer is willing to accept for a product and the higher price actually received Equilibrium Price vs Quantity Supplied Marginal benefit=marginal cost, maximum willingness to pay=minimum willingness to accept. Cost Benefit Analysis Deciding whether or not to provide a good or service Marginal Benefit-Marginal Cost Finding Demand Curve…
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“The discovery of society.” There is a coherence and order in the way society works that matters. September 9 PROMPT FOR PAPER DUE ON WEDNESDAY: 3 elements/links/components in the relationship between the division of labor and the wages of labor. IDENTIFY AND EXPLORE! 2-3 pages…. Theorists are embedded in the world that they are trying to discuss. Use selection and specification when formulating their theory. Theorists react to other theorists and the world around them…
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the cure to democracy was democracy. 8. TR’s Square Deal TR demanded a “Square Deal” for the capital, labor and the public. This Deal was tested when some 14000 workers who suffered a lot decided to rebel for a nine hour working day and a 20 percent increase in pay. Roosevelt fixed this by giving the miners a 9hr working day and a 10% increase in pay. Due to this the Department of Commerce and labor was created. Additionally the Bureau of Commerce was created to break the stranglehold of monopolies…
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infringement Trademark Dillution: protect distinctive or famous trademarks from certain unauthorized uses even when the use is on noncompeting goods or is unlikely to confuse (since 1995) Doesn’t have to be identical, can just be similar Ex Sambuck’s vs. Starbucks Trademark Registration Can be registered if 1: it is currently in commerce 2: the applicant intends to put the mark into commerce within 6 months Trademark Infringement: someone else uses the trademark in its entirety or copies it to…
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CHAPTER 1: THE ROLE AND METHOD OF ECONOMICS 1.1 Economics: A brief introduction Economics is the study of the allocation of our limited resources to satisfy or unlimited wants. Resources are inputs like land, human, effort, skills, and machines and factories to produce goods and services. Scarcity - Want exceeds resources. Forces us to make choices of how to use our resources wisely Economic problem Living in a world of scarcity means…
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Democracy is greater when individuals vote on those matters assigned to the public sector. On the other hand, freedom is concerned with the relationships among people in the private sector. Freedom means individuals may choose how to interact on a voluntary basis outside the purview of the state” (Freedom and Democracy). On the other hand, democracy isn’t when individuals vote on those matters assigned to the public sector but a decision to do something important that can help change our nation and…
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