Political Economy Flashcards
Supply/demand
supply is amount of good or service that is available and good is amount that the consumers want, and they both influences price of goods
Profit
difference between revenue from sales and costs of producing the good/services
Competition
various people try to offer the consumer a reason with better advantage to try and make them choose their service/goods over their rival’s
Property
any item that a person/business has control over
Self-interest
actions that would lead to personal benefit
Division of Labor
has the specialization of tasks which turns the complex production process into small tasks
Laissez-faire
free market capitalism, strongest economy when government stays out of it
Equilibrium
a combination of price and quantity in which they are balanced
Comparative Advantage
the ability of an individual/group to carry out economic activity more than another individual
Dialectical Materialism
everything is made of matter and there is constant change but all matter is interconnected
Labor Theory of Value
Marx believes that the value of a commodity is measured by the amount of labor needed to make that good
Ideological Superstructure
ideologies that dominate in an era
Surplus Value
the unpaid value of the work that creates a surplus product for the owner
Alienation
worker feels like the products of their labor become foreign to them
Negation of the Negation
splitting a single whole and transitioning of opposites to unify the struggles of opposites
