Marx

Question 1

three factors of production

Answer 1

land, labor, capital

Question 2

capital

Answer 2

property used to produce other property

Question 3

capitalist

Answer 3

people whose income derives from owning capital

Question 4

use value

Answer 4

the value an item has in virtue of ones ability to consume it

Question 5

exchange value

Answer 5

the value an item has in virtue of ones ability to trade it for something

Question 6

labor theory of value

Answer 6

the price of goods is determined by the socially necessary labor cost of the good- subsistence level wages

Question 7

theory of exploitation

Answer 7

capitalists get the surplus value and use it to buy more capital and increase power over the workers

Question 8

what do subsistence level wages lead to

Answer 8

the theory of surplus value - the difference between the price of labor and the price of goods produced by the laborer

Question 9

marxist view of property

Answer 9

property is capital. when property is private, the owners do not have to think of their workers as people which leads to exploitation.
-the amount of property owned dictates ones position in society

Question 10

surplus value

Answer 10

difference between the price of labor and the price of goods produced by the laborer

Question 11

where do capitalists get wealth

Answer 11

extracting surplus value from workers