terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
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| Capitalism | show 🗑
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| show | a group of people who share a common position in the economy with respect to the production and control of the surplus product.
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| show | that part of the total output of an economy that is in excess of what is needed for reproducing and replenishing the labor, tools, materials and other inputs used or used up in production.
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| show | exists between the producers of the total product, including the surplus product, and those who command the use of the surplus product.
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| show | social institution that give individuals the right to use, lend or sell things such as land, buildings, intellectual creations.
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| Self-interest | show 🗑
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| Coordination by rules | show 🗑
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| show | takes place when interactions are governed by general principles of behavior
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| Coordination failure | show 🗑
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| Labor Process | show 🗑
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| show | is the relationship between inputs and outputs in a labor process.
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| Economy | show 🗑
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| show | a labor process whose output is a good or a service.
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| show | the re-production of people, child rearing and care giving.
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| Class society | show 🗑
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| show | workers make the surplus value, but don’t control it
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| Class Struggle | show 🗑
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| show | machines, buildings, offices, tools and other durable things needed in production
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| Public goods | show 🗑
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| show | circular flow of business that “always works itself out”
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| Accumulation | show 🗑
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| Middle Class | show 🗑
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| show | consists of those who do own the capital goods used in their own labor processes but do not regularly control the labor of others; they are self-employed or are small business employers.
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| show | consists of those who do not own the capital goods used in their own labor processes but who do regularly control the labor of others; it includes managers and supervisors.
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| show | SSA Change occurs over period of 30-50 years.
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| show | The actual membership of a trade union as a percentage of the total possible membership
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| show | wages evaluated with reference to their purchasing power rather than to the money actually paid (Inflation)
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| Dividends | show 🗑
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| Interest | show 🗑
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| Rent | show 🗑
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| show | is the part of the total profit that is set aside by corporations for future investment or other purposes.
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| Investment | show 🗑
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| Economic Concentration | show 🗑
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| Labor time | show 🗑
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| piece rate | show 🗑
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| Labor Market | show 🗑
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| show | loss of income a worker has as a result of quitting or being laid off from a job.
cjl = (ww – ui)(ud) ww is previous weekly wage, ui is unemployment insurance and ud is expected number of weeks duration of unemployment.
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| Unit Labor costs | show 🗑
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| show | wage at which an employee has no preference for keeping his or her current job as opposed to being fired or quitting; it varies with the employee’s income prospects in the absence of the current job.
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| show | an effort by the employer to increase the pace of work
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| show | changing production process in such a way as to make it possible to employ workers with fewer skills
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| Simple control | show 🗑
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| show | incorporates a work pace designed into the machinery of production.
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| Bureaucratic control | show 🗑
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| Productivity | show 🗑
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| show | agreement between employer and worker that specifies payment for actual work activities instead of for work time.
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| show | the process of transcending the labor time that an employer has purchased into work done.
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| show | explicit or implicit, between an employer and a worker that is incomplete in the sense that is specifies the wage rate but does not specify the exact tasks to be performed or the amount of effort to be provided by the worker.
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| Unemployment Insurance | show 🗑
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| show | the institutional setting within which accumulation occurs; it structures:
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| Monopoly Capitalism | show 🗑
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| Command Socialism | show 🗑
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| Purchasing Power Parity | show 🗑
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| show | Some decisions made by government officials/planners Some made by people acting in markets
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| show | government regulated capitalist markets.
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| show | Government provides basic necessities.
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| show | enterprise or organization jointly owned or managed by those who use its facilities or services
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| show | a form of or strategy in which firms attempt to attract customers primarily by offering lower prices.
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| show | occurs when a firm discovers or develops a new method of doing business, such as a new way of organizing work, a new product, or a new market.
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| Monopoly Power | show 🗑
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| show | a market situation in which several firms together , but no one firm by itself, can exercise substantial monopoly power
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Created by:
cbloud
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