Marx- Value, Price, and Profit Flashcards
Do wage rises cause inflation?
The amount or magnitude of national production changes continuously, not depending on the wages. They are not fixed but variable
A rise in wages will bring about an increase in the mass of commodities, which the workers will be able to purchase with their now increased wages. How?
The price at which a commodity is sold is not determined by the total cost of production, from which it follows the wage cost rise, and then the total price must rise. Why not?
The fall in price resulted from the overall increase in agricultural wages and shortening of the working day.
What would be the effect of a shortage in means of payment in an economy?
What would be the effect of a shortage in means of payment in an economy?
What factors influence the rate of circulation of money?
What factors influence the rate of circulation of money?
What measures and factors do you know that would overcome a shortage in the means of payment other than printing more banknotes?
Speaking in terms of supply and demand, what conditions will cause wages to rise, and what conditions will cause wages to fall?
What determines the level of wages, from which supply and demand are only bringing about variations?
As union organisers trying to improve wages, what tactics do you think are necessary to bring about wage rises, and what tactics would you see the employers adopting?
What is the difference between value and profit?
How would you explain the high or low cost of various commodities in terms of the socially necessary labour time required for their production?
What is the meaning of “socially necessary”? What is the effect on prices of introducing new methods of production that allow the same product to be produced with less labour?
