Marx
A group of people with common social or economic characteristics.
What is class?
Ownership by private individuals or groups of individuals, not by a government.
What is private property?
This is what something is worth to the person who owns it or may own it in the future.
What is value?
Work, effort, or physical exertion.
What is labor?
The use of force and intimidation by governments to coerce its people into submission.
What is repression?
Karl's premise was that all value was created by this person.
Who is the worker?
Unhampered voluntary exchange of private ownership of the stuff being exchanged. Unrestricted trade.
What is free market?
The thing that sets prices for goods.
What is the market?
This decreases as it wears out over time, but increases from new investments.
What is Capital?
To take advantage of another person.
What is exploitation?
An economic and social system devised by Karl Marx based on the Labor Theory of Value.
What is Marxism?
An economic system based on private ownership of capital and free, voluntary exchange.
What is Capitalism?
The value assigned by the market for a product.
What is market price?
A profit and loss statement.
What is a P&L?
The measure of people's material wellbeing.
What is the standard of living?
This theory claims that the value of a product is derived from the labor done to create it.
What is the Labor Theory of Value?
The theory that claims value is derived from the mind of the consumers.
What is the Subjective Theory?
The process in which the sale price of a good is determined by the market.
What is price discovery?
If Billy Bob’s furniture company consistently loses money this is likely to happen.
What is bankrupt (or bankruptcy)?
A system by which a society organizes to deliver the things people want.
What is an economic system?